Peloton's Comeback: Sales Surge and Earnings Beat
Company Reports First Sales Growth in Nine Quarters
Peloton Interactive, known for its fitness equipment and live streaming classes, has reported its first sales increase in nine quarters. This marks a significant milestone in the company's turnaround efforts, which have been underway for several years.
Quarterly and Annual Results
For the fourth quarter of fiscal 2024, Peloton reported revenue of $1.18 billion, an increase of 5.4% year-over-year. This exceeded analysts' estimates of $1.12 billion. The company also reported a net income of $6.9 million, compared to a loss of $376.6 million in the same period last year.
For the full fiscal year, Peloton's revenue declined by 24.3% to $3.54 billion. However, the company narrowed its net loss to $1.01 billion, an improvement from the $1.8 billion loss in the previous fiscal year.
Stock Performance and Earnings Call
Following the earnings announcement, Peloton's stock price surged over 50%. Investors cheered the company's return to growth and its progress in addressing operational and financial challenges. Peloton is scheduled to hold a conference call on March 1, 2024, to discuss its financial results and future plans.
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