Life Time stock plummets as company spends more on premium fitness experience

📆 25/10/2023 21:41:00
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Life Time said the investments — including new pickleball courts and personal training programs — have helped to drive member engagement at its clubs.

Life Time Group shares plummeted 15% after the company's third-quarter results revealed higher spending to boost the premium member experience.

Life Time CEO Bahram Akradi said the investments — including new pickleball courts and personal training programs — have helped to drive member engagement at its clubs, with average member visits up 24% since 2019. The company has a total of 170 centers. Life Time increased its prices at many of its locations in recent years, though pricing varies by market. Akradi said Wednesday the bulk of price changes have already been made, however, another 20% to 25% of the company's clubs will have further opportunity to increase member prices over the next 6 to 12 months.Meta's Reality Labs loses $3.

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