Peloton Forecasts Better-Than-Expected Revenue

Reuters2023-05-04

Peloton Interactive Inc on Thursday forecast fourth-quarter revenue above Wall Street estimates, benefiting from strong sales of its bikes and treads on third-party platforms.

Under CEO Barry McCarthy, who is committed to returning to revenue growth and hit cash flow breakeven on a sustained basis in his second year in the role, the New York-based company has taken a series of measures to cut costs and lift sagging sales.

Last year, Peloton ended selling exclusively through its own e-commerce site and put its equipment on Amazon.com Inc and Dick's Sporting Goods Inc store. It has also pivoted away from hardware to a software-first company.

The fitness-equipment maker said it expects fourth-quarter revenue to come in between $630 million and $650 million, above analysts' estimates of $607.7 million, according to Refinitiv data.

Peloton also posted a slower cash burn of $55.3 million in the third quarter, compared with $746.7 million a year earlier.

Stocks fell over 3% in premarket trading.

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