Beachbody takes on Peloton with launch of live at-home fitness classes
Beachbody CEO and co-founder Carl Daikeler discusses details of the new interactive ‘Bodi’ program.
Peloton had a greater net loss than Wall Street expected during its fiscal fourth quarter and is cutting the price of its original bike again by hundreds of dollars yet again, the company reported Thursday.
The net loss of $312.2 million, or $1.05 per share, was far more than the 45 cents per share expected according to a survey of analysts by Refiniv. However, the fitness firm did beat on revenue, bringing in $936.9 million – a 54% year-over-year increase – compared to the $927.2 million expected.
The firm's stock price immediately tumbled in after-hours trading following the results.
|PTON||PELOTON INTERACTIVE, INC.||114.09||-2.16||-1.86%|
PELOTON IS SUED FOR IMPROPERLY CHARGING SALES TAX
Peloton said its reasoning for dropping the price of its bike from $1,895 to $1,495 was to make the product more accessible. The company just lowered the price of the bike last year by $350 following the rollout of its Bike+ model, which sells for $2,495. Subscription services for the bikes cost $39 and $59 per month, respectively.
The company issued a recall of all its treadmills in May after initial resistance following reports that one child died and several were injured by the Tread+ model, which was a step up from the original Tread model. Peloton also temporarily stopped selling the machines, which contributed to the revenue hit.