Peloton Rises After Quarterly Sales Get Stay-at-Home Boost
- Company forecasts sales well ahead of Wall Street estimates
- Peloton launched new bike and cheaper treadmill this week
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Peloton Interactive Inc. shares rose Friday after the company reported quarterly sales that topped analyst projections as stay-at-home orders and gym closures continued to spur purchases of the company’s exercise equipment and workout subscriptions.
The New York-based fitness technology company said fiscal fourth-quarter revenue surged 172% from a year earlier to $607.1 million. Analysts were looking for $581 million, according to data compiled by Bloomberg. Profit, excluding certain items, was $89.1 million, or 27 cents a share, in the latest period, Peloton added in a statement.