Peloton Reports Q1 Earnings Below Street View

Peloton Interactive Inc PTON reported a first-quarter FY23 sales decline of 23% year-on-year to $616.50 million, missing the consensus of $650.08 million.
The total number of members in the quarter grew 6% Y/Y to 6.7 million.
Ending connected fitness subscriptions rose 19% Y/Y to 2.97 million, and Ending App subscriptions fell 1% to 0.875 million.
Average net monthly connected fitness churn was 1.1% versus 0.8% a year ago.
Gross profit for the quarter declined 17% to $217.2 million, and the margin expanded 260 basis points to 35.2%. The operating expenses fell 5% to $591.1 million.
Adjusted EBITDA loss for the quarter was $(33.4) million versus $(233.7) million last year.
The company held $938.5 million in cash and equivalents as of September 30, 2022.
EPS loss was $(1.20), missing the consensus of $(0.65).
Outlook: Peloton sees Q2 FY23 revenue of $700 million - $725 million, widely missing the consensus of $874.01 million.
The company expects Q2 ending connected fitness subscriptions of 3 million.
Also Read: Why Peloton Stock Is Plunging Today
Price Action: PTON shares are trading lower by 1.56% at $8.49 on the last check Thursday.
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