Consumer
Peloton Triggers Biggest Rally Ever With Signs of Turnaround
- Earnings top estimates after the company cuts expenses
- Company is searching for a new CEO after McCarthy stepped down
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Peloton Interactive Inc. shares surged the most ever after the fitness company reported earnings that beat analysts’ estimates, signaling that turnaround efforts are starting to bear fruit.
Peloton managed to eke out revenue growth in the three months ended June 30, with sales of $644 million, according to a statement Thursday. That was up less than 1% from a year earlier, but easily beat the average Wall Street estimate of $630.1 million.