{"id":130082,"date":"2022-11-03T15:57:16","date_gmt":"2022-11-03T15:57:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=130082"},"modified":"2022-11-03T15:57:16","modified_gmt":"2022-11-03T15:57:16","slug":"peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance\/","title":{"rendered":"Peloton shares plunge on wider than expected loss, weak revenue guidance"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

Fed will be ‘very patient’ in getting rates to their peak: Kenneth Rogoff<\/h2>\n

Harvard University economics professor and former IMF chief economist Kenneth Rogoff argues the Fed’s rate hikes are ‘putting a lot of pressure’ across the economy.<\/p>\n

Peloton reported a wider-than-expected loss in its fiscal first quarter and provided a weaker holiday outlook, causing its stock price to plunge on Thursday.<\/p>\n

The fitness equipment giant posted a net loss of $408.5 million, or $1.20 per share, on total revenue of $616.5 million. Analysts surveyed by Refinitiv were expecting a loss of 64 cents per share on $650.1 million in revenue.<\/p>\n

Subscription revenue came in at $412.3 million, while connected fitness product revenue came in at $204.2 million. As of the end of the second quarter, Peloton has a total of 6.7 million members and 2.97 million Connected Fitness subscribers.<\/p>\n

The latest results come as Peloton has been working to turn around its business following the fizzling out of its pandemic-era demand. Peloton CEO Barry McCarthy said in the company's quarterly letter to shareholders that its turnaround effort is a "work in progress" with $199 million in first quarter recall reserves, restructuring and impairment expenses, but that the "ship is turning."<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
PTON<\/td>\nPELOTON INTERACTIVE INC.<\/td>\n8.49<\/td>\n-0.14<\/td>\n-1.58%<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

PELOTON DROPS KANYE WEST'S MUSIC FROM NEW CLASSES<\/strong><\/p>\n

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<\/picture> Image 1 of 3 <\/p>\n

Jen Van Santvoord rides her Peloton exercise bike at her home on April 7, 2020, in San Anselmo, California. (Photo by Ezra Shaw\/Getty Images)<\/span> | Getty Images<\/span><\/p>\n

In February, Peloton laid off 2,800 employees<\/u> globally and announced it would embark on an $800 million restructuring program. In August, Peloton laid off another 784 employees<\/u> and said it would raise prices on its Bike and Tread+ products, significantly reduce its North American retail footprint and eliminate its final mile distribution network. <\/p>\n

Additionally, the company secured $750 million in financing, maintained a liquid cash balance of more than $1 million, outsourced its Peloton Bike and Tread production<\/u> in Taiwan, expanded its product portfolio with a $3,195 rowing machine and forged partnerships with Hilton, Dick's Sporting Goods and Amazon. <\/p>\n\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
HLT<\/td>\nHILTON WORLDWIDE HOLDINGS INC.<\/td>\n129.16<\/td>\n-0.59<\/td>\n-0.45%<\/td>\n<\/tr>\n
DKS<\/td>\nDICK’S SPORTING GOODS INC.<\/td>\n111.76<\/td>\n+0.52<\/td>\n+0.47%<\/td>\n<\/tr>\n
AMZN<\/td>\nAMAZON.COM INC.<\/td>\n90.85<\/td>\n-1.27<\/td>\n-1.38%<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In October, the company said that the vast majority of its restructuring was complete after laying off another 500 employees. <\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/p>\n

Peloton is aiming to reach break-even cash flow by the end of fiscal year 2023. Free cash flow in the first quarter was negative $246.3 million, compared to negative $411.9 million in the previous quarter and negative $651.9 million a year ago.<\/p>\n

Looking ahead, Peloton expects to have a total of 3 million connected fitness subscribers in the second quarter of 2023, up slightly from the 2.97 million in the first quarter.<\/p>\n

Total revenue for the second quarter is expected to range between $700 million and $725 million, below analysts’ estimates of $874 million. In addition, the company anticipates approximately $70 million in additional restructuring-related cash charges over the course of fiscal year 2023.<\/p>\n

Peloton stock is down approximately 78% year to date.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

video Fed will be ‘very patient’ in getting rates to their peak: Kenneth Rogoff Harvard University economics professor and former IMF chief economist Kenneth Rogoff […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nPeloton shares plunge on wider than expected loss, weak revenue guidance - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peloton shares plunge on wider than expected loss, weak revenue guidance - Fin2me\" \/>\n<meta property=\"og:description\" content=\"video Fed will be ‘very patient’ in getting rates to their peak: Kenneth Rogoff Harvard University economics professor and former IMF chief economist Kenneth Rogoff [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-03T15:57:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2018\/07\/5b4326342000004100b9677b.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1910\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance\/\",\"url\":\"https:\/\/fin2me.com\/markets\/peloton-shares-plunge-on-wider-than-expected-loss-weak-revenue-guidance\/\",\"name\":\"Peloton shares plunge on wider than expected loss, weak revenue guidance - 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