Peloton stock jumps 12%, adding $3 billion to the connected-fitness company’s market value after it turns its first quarterly profit
- Peloton stock rose as much as 12% on Friday after the connected-fitness group reported its first quarterly profit.
- Robust demand for at-home exercise equipment and online classes drove revenue up 172% to $607 million in the three months to June 30, generating $89 million in net income.
- Peloton executives expect to nearly double revenue to between $3.5 billion and $3.65 billion next year, and grow adjusted earnings to at least $200 million.
- The company’s stock has almost tripled this year as investors continue to view it as a “stay-at-home” winner.
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Peloton shares jumped as much as 12% on Friday, adding about $3 billion to the connected-fitness company’s market capitalization after it turned its first quarterly profit ever.
Widespread lockdowns and closures of gyms and fitness studios in response to the coronavirus pandemic boosted demand for Peloton’s indoor exercise