- Peloton Interactive Inc (NASDAQ:PTON) reported a first-quarter FY23 sales decline of 23% year-on-year to $616.50 million, missing the consensus of $650.08 million.
- The total number of members in the quarter grew 6% Y/Y to 6.7 million.
- Ending connected fitness subscriptions rose 19% Y/Y to 2.97 million, and Ending App subscriptions fell 1% to 0.875 million.
- Average net monthly connected fitness churn was 1.1% versus 0.8% a year ago.
- Gross profit for the quarter declined 17% to $217.2 million, and the margin expanded 260 basis points to 35.2%. The operating expenses fell 5% to $591.1 million.
- Adjusted EBITDA loss for the quarter was $(33.4) million versus $(233.7) million last year.
- The company held $938.5 million in cash and equivalents as of September 30, 2022.
- EPS loss was $(1.20), missing the consensus of $(0.65).
- Outlook: Peloton sees Q2 FY23 revenue of $700 million – $725 million, widely missing the consensus of $874.01 million.
- The company expects Q2 ending connected fitness subscriptions of 3 million.
- Also Read: Why Peloton Stock Is Plunging Today
- Price Action: PTON shares are trading lower by 1.56% at $8.49 on the last check Thursday.
- Photo Via Company
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