It’s financials season, with fitness firm Peloton publishing its latest quarterly results yesterday too. The company’s ‘connected fitness subscriptions’ – that’s people who own one of its exercise devices and pay for access to its classes – grew by 87% year-on-year to just under 2.5 million.
Meanwhile, its ‘digital subscriptions’ (people who just pay for the classes) grew by 74% to 887,000. This helped Peloton grow its revenues by 6% to $805.2m in the third quarter of this year (its fiscal Q1), a figure that the company said “modestly exceeded our guidance”. A decent achievement, given the challenges currently facing all hardware firms around supply chains.
However, Peloton warned of “a softer than anticipated start to Q2” and thus possible bumps ahead. Peloton is not profitable at this point, recording an operating loss of $359.7m last quarter, and a net loss of $376m. On the bright side for the music industry, the company said its “music-forward workout collections are increasingly popular with our community”.