By Yasin Ebrahim
Investing.com – Peloton reported Thursday a narrower fiscal third-quarter loss as the exercise bike company made progress on cutting down wait times for its products amid supply chain constrains.
Peloton Interactive (NASDAQ:) (:PTON) was flat in after-market trading.
Peloton posted a loss per share of 3 cents on revenue of $1.26 billion, topping estimates for a 13 cent per share loss on revenue of $1.12 billion.
Gross profit in Q3 was $444.9 million and 35.2% of revenue, representing 81% year-over-year growth
Connected fitness subscriptions grew 135% to over 2.08 million in the quarter, topping guidance of 1.98 million.
Looking ahead, investor focus will zone in on the post-earnings call as management is expected to offer revised full-year guidance in the wake of treadmill recalls saga reported earlier earlier this week.
“[A]verage wait times for our original bike are now back to pre-COVID-19 levels,” the company said. “While progress has been made, additional work remains to reduce delivery times across the remainder of our product portfolio and regions.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.