Peloton's stock price as reported by a reliable financial market data provider on June 30, 2024

Peloton Names Ex-Ford Exec Peter Stern as CEO; Shares Surge Over 25% on Earnings Beat

Oct 31, 2024, 12:04 PM

Peloton Interactive has appointed Peter Stern, former President of Ford Integrated Services and co-founder of Apple Fitness+, as its new CEO and president, effective January 1. Stern, who also held leadership roles at Apple and Time Warner Cable, will lead the company's turnaround efforts following a decline in demand after the pandemic. Peloton reported better-than-expected first-quarter earnings, with revenue of $586 million, surpassing estimates of $573 million but down 2% year-over-year. Adjusted EBITDA soared to $116 million, significantly exceeding the estimated $57 million and marking a 1171% increase year-over-year. GAAP earnings per share were $0.00, beating expectations by $0.15. The company provided mixed guidance for the second quarter, projecting revenue between $640 million and $660 million, slightly below analyst expectations of $663 million, but adjusted EBITDA is expected to be between $20 million and $30 million, above the estimated $18 million. Peloton also raised its adjusted EBITDA outlook for the fiscal year. Shares of Peloton surged over 25% in pre-market trading, rising above $7.