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What will be Peloton's revenue for fiscal year 2024?
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Peloton's official fiscal year 2024 financial report
Story
Peloton Names Former Apple Exec Peter Stern as CEO; Shares Surge 32% After Earnings Beat
Oct 31, 2024, 01:01 PM
Peloton Interactive has appointed Peter Stern, a former executive at Ford Motor Company and co-founder of Apple Fitness+, as its new CEO and president, effective January 1, to lead its turnaround efforts after a post-pandemic demand slump. The fitness equipment maker reported a break-even GAAP EPS of $0.00, beating expectations by $0.15. First-quarter revenue was $586 million, surpassing analyst estimates of $573 million but declining 2% year-over-year. Adjusted EBITDA soared to $116 million, exceeding expectations of $57 million and increasing 1,171% year-over-year. The company raised its free cash flow projection from $75 million to $125 million and provided Q2 guidance with revenue expected between $640 million and $660 million, slightly below analyst estimates. Peloton also guided Q2 gross margins of 36% to 37%. Following the announcements, Peloton shares surged up to 32% in pre-market trading, reflecting investor optimism about the leadership change and the company's improved financial performance.
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