Peloton stated its fiscal Q2 revenue would be within its initially forecast range as it undertakes actions to cut costs and boost profitability, according to a news release by Peloton on Friday.
- John Foley, the CEO, stated that the company is focused on identifying reductions in our operating expenses as they build a more focused Peloton in the future.
- Meanwhile, the company added fewer subscribers in the recent period, which ended December 31, than it had anticipated.
- Peloton announced its projects would end the quarter with 2.77 million connected fitness subscribers compared with a forecast of 2.8 million to 2.85 million.
- Connected fitness subscribers are customers who own a Peloton product and also pay a monthly fee to gain access to the company’s digital workout content.
- The average net monthly churn for Q2 is expected to be 0.79%. That figure is lower than the 0.82% it posted in Q1 and slightly higher than the 0.76% it recorded a year earlier.
Total Q2 revenue of $1.14 billion, which is within the guidance of $1.1 billion to $1.2 billion that it previously provided. PTON up +4.83%, Pre-market trading