Peloton Interactive Inc. beat analysts' estimates for quarterly revenue on Thursday as the exercise-bike maker benefited from a surge in subscribers and demand for its fitness products during the coronavirus pandemic.
Shares of the company rose 8 per cent in extended trading as it forecast full-year revenue above Wall Street expectations.
Stay-at-home stocks such as Peloton have benefited from increased demand during the COVID-19 pandemic, as closed gyms and fitness clubs turned people toward streaming exercise services and home work-out equipment. The stock has more than tripled this year.
Sales of Peloton’s electric bikes and other fitness equipment tripled to US$485.9-million in the quarter. Its subscriptions rose 113 per cent to 1.09 million.
The company forecast revenue for fiscal year 2021 between US$3.50-billion and US$3.65-billion. Analysts on average were expecting US$2.72-billion, according to Refinitiv data.
Net income attributable to Class A and Class B shareholders was US$89.1-million, or 27 US cents a share, in the fourth quarter ended June 30, compared with a loss of US$47.4 million, or US$2.07 a share, a year earlier.
Total revenue surged 172 per cent to US$607.1-million.
Analysts on average had expected revenue of US$583-million.
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