VLVLY - Peloton Falls Short As It Continues To Work on Rebranding and Expanding | Benzinga
Last Wednesday, Peloton Interactive Inc (NASDAQ: PTON) posted a wider-than-expected loss and quarterly drop in subscribers greatly due to Bike recall that costed the fitness company more. Shares plunged 22% in response. CEO Barry McCarthy, who is also a former Netflix Inc (NASDAQ: NFLX) and Spotify Technology S.A. (NYSE: SPOT) executive, continues to focus on getting the company back on a path to growth as it previously warned in May the fourth quarter is expected to be among its most challenging growth-wise.
Fourth Fiscal Quarter Highlights
For the quarter ended on June 30th, sales were above expectations of $639.9 million despite having dropped to $642.1 million from last year’s comparable quarter when revenue amounted to $678.7 million. Peloton made a net loss $241.8 million, or ...