• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Thursday, May 26, 2022
The Millennial Source
TMS
Home WORLD

Peloton bike sales are booming

May 8, 2020
in WORLD
Source: FT

Source: FT

Share on FacebookShare on TwitterShare on Linkedin



As a result of gyms being closed amid the global coronavirus pandemic, Peloton, the American exercise equipment and media company, has seen unprecedented levels of success during the first quarter of this year, straying from the overall depressed economic trend witnessed elsewhere. 

For US$2,245, the company will deliver you a spinning bike as well as offer you the option of streaming virtual classes for an added US$39 a month. The company was founded in 2012 and launched with help from a Kickstarter funding campaign in 2013. 

The New York-based company is emerging from the quarantine-hit economy as a winner, with their stock prices soaring 95%, valuing them at US$10 billion. Mid this week, the company announced that its revenue had risen 66% in the first quarter of this year. However, due to “non-recurring litigation and settlement expenses” in the quarter, the company recorded a wider net loss. 

Over 1.1 million people signed up for digital-only free trials in March and April. The letter also read that the company “…entered Q4 with a backlog of Bike deliveries in all geographies and sales continue to surpass expectations in the first several weeks of Q4 due to COVID-19.”

Peloton added that it expected its revenue to more than double in the current quarter. “The demand is through the roof,” John Foley, the company’s chief executive, said in an interview. “It’s not just people wanting more bikes, but if they have one, they’re using it more.”

[article_ad]

Have a tip or story? Get in touch with our reporters here! 

Sign up for daily news briefs from The Millennial Source here!

Related

Tags: BusinessNorth AmericaShort read
ShareTweetShare

Latest Posts

Airbnb China

Airbnb closing domestic operations in China to focus on outbound travel

May 24, 2022
Google Russia

Google to declare bankruptcy in Russia

May 19, 2022
SEC Wall Street

The US SEC investigates Wall Street over use of unapproved messaging apps

May 19, 2022

India is banning wheat exports – here’s why that might be a big problem

May 17, 2022

There is a “very, very high risk” of a US recession, says Goldman Sachs Chairman Lloyd Blankfein

May 17, 2022

After 30 years of business, McDonald’s leaves Russia for good

May 17, 2022

Here’s what you need to know about the new twists in the Musk-Twitter tale?

May 16, 2022

Xiaomi accuses Indian agency of threats of violence during questioning

May 9, 2022

Shareholders launch lawsuit against Netflix for allegedly withholding the bad side of business

May 5, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

© 2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.