Shares of Peloton Interactive Inc. (PTON) surged over 34% on Thursday after the connected fitness equipment maker reported better-than-expected first-quarter sales and appointed a high-profile executive as its new CEO.
For the quarter ended September 2024, Peloton reported revenue of $586 million, down 1.6% year-over-year but beating analysts' estimates of $574.8 million. The company narrowed its net loss to just $1 million compared to a $159 million deficit in the prior year period, delivering earnings per share of $0.00 versus expectations of a $0.15 loss. Peloton ended the quarter with 2.9 million paid Connected Fitness subscribers and 582,000 paid app subscribers. The company achieved $116 million in adjusted EBITDA and $11 million in free cash flow as its restructuring efforts drove over $100 million in annualized cost savings.
Peloton also announced the appointment of Peter Stern as its new CEO and President, effective January 1, 2025. Stern currently serves as President of Ford Integrated Services and previously held leadership roles at Apple, including as co-founder of Apple Fitness+. Peloton's board chairperson Jay Hoag cited Stern's expertise in scaling technology platforms and deep understanding of the health and wellness sector as key reasons for his selection. Karen Boone will continue as interim CEO until year-end, while Chris Bruzzo will step down as co-interim CEO on November 1.
For the second quarter, Peloton projected revenue of $640 million to $660 million and adjusted EBITDA of $20 million to $30 million. The company maintained its full-year fiscal 2025 revenue outlook of $2.4 billion to $2.5 billion. Peloton highlighted plans to further improve hardware unit economics, expand content offerings and test new digital offerings like a strength training app and personalized workout plans.
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