logo |

News

    Home   >     Industry    >     Main body

    Peloton sales surge as virus boosts home workouts

    Abstract:Image copyrightGetty Images Peloton, which won an early celebrity fanbase for its exercise bikes and

      Image copyrightGetty Images

      Peloton, which won an early celebrity fanbase for its exercise bikes and remote workout classes, has seen demand surge during the pandemic.

      The firm's global membership base hit 3.1 million at the end of June, more than double a year earlier, as gym closures due to Covid-19 increased demand for at-home workouts.

      The jump in sign-ups lifted revenue to $607m (£474m), up 172% year-on-year.

      But it has also strained supply, prompting lengthy waits for equipment.

      The firm had said it was slashing prices for its existing treadmill and bike, cutting the cost of the bike from $2,245 to $1,895 in an effort to make their products more accessible.

      The move coincided with the launch of new, more expensive, versions of the same pieces of equipment.

      But the firm, which relies on purchases of its machines fitted with touchscreens for most of its sales, said it did not expect delivery delays to improve much before the end of the year.

      “Demand... remains strong and member engagement remains elevated, despite improving weather and the gradual reopening,” chief executive John Foley said on an analyst call after the firm shared its quarterly results on Thursday.

    •   Peloton: 'It's borderline addiction'

    •   Peloton bike ad labelled 'sexist' and 'dystopian'

      Peloton said the number of “connected fitness” subscribers, who access its remote classes via one of the firm's machines, jumped to more than 1.09 million at the end of June, up 113% in comparison with the same period last year.

      Those members are also working out more - averaging more than 24 workouts per month, compared to 12 one year ago.

      The growth propelled the firm to its first quarterly profit of $89m, versus a loss of $47.4m last year.

      Mr Foley told analysts he was not worried about demand subsiding after the pandemic, given the opportunities for global expansion.

      Peloton said it expected the number of subscribers to exceed 2 million over the next 12 months and forecast revenue for its next financial year of at least $3.5bn.

      The results shared by the firm exceeded analyst expectations, prompting shares to rise 7% in after-hours trade.

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.