Peloton sinks after missing Wall Street's sales forecast for next quarter - Business Insider

announced fiscal second-quarter earnings on Wednesday afternoon that projected lower-than-expected revenue for the next period.

However, the fitness equipment company's second-quarter revenue bested Wall Street's expectations. Peloton's net losses grew from the year-ago-period but still landed above analyst estimates. The company's shares tumbled as much as 8% in early Thursday trading as investors focused on the company's third-quarter forecast. Peloton's new range for next-quarter revenue missed the average projection among analysts.Adjusted losses per share:$55.4 million, versus $55.1 million in the year-ago periodThe quarterly figures show Peloton was still able to beat expectations after its controversial holiday ad prompted online backlash. The public response saw the stockover a single day.

While traders balked at the company's third-quarter forecast, Peloton's fiscal full-year expectations were revised higher in the Wednesday report and remain above Wall Street's estimates. The firm expects annual revenue to land between $1.53 billion and $1.55 billion, trouncing the consensus expectation of $1.49 billion.

Peloton added 149,000 new subscribers in the three-month period to push its total to 712,000. The company now expects total subscribers to reach between 920,000 and 930,000 by the end of the year, above its previous forecast of 895,000.The company has 21 "buy" ratings, two "hold" ratings, and no "sell" ratings from analysts, with a consensus price target of $37.38, according to Bloomberg data.

Good

A glorified clothes hanger

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fiat Chrysler's Q4 earnings meet Wall Street expectations, stock moves up 3% pre-market - Business InsiderFCA said its operating profit matched expectations, boosted by strong North American business and better results in Latin America.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Disney Delivers Impressive Streaming Numbers, Tops Wall Street Expectations With EarningsDisney is getting the year off to a strong start, beating Wall Street’s expectations for the quarter that encompassed the company’s giant leap into the new era of direct-to-consumer bus… With Disney buying tickets to movies to fudge actual numbers, I refuse to believe streaming numbers are credible. And the stock drops $4+ a share...WTF!!!
Source: Variety - 🏆 108. / 63 Read more »