Beachbody Company Inc BODY shares are trading lower by 9.7% at $7.30 Friday morning after the company reported a second-quarter net loss of $12.4 million, versus $10 million in the same quarter last year and worse-than-expected second-quarter sales results. The company also issued FY21 sales guidance below estimates.
Beachbody reported quarterly sales of $223.10 million which missed the analyst consensus estimate of $260.15 million by 14%.
"We continued to execute to our proven business model during the second quarter, introducing new digital content and nutritional products that have been well received by our subscribers," said Sue Collyns, Beachbody's President and Chief Financial Officer.
"However, the delay in closing our business combination resulted in us deferring $12 million of media investments and postponing the launch of the MYX bike within our coach ecosystem until the second half of the year," she added. "Moving forward, we are well-positioned to execute on our strategic objectives with over $347 million of cash on our balance sheet, a decision to ramp up connected fitness unit projections, and increase media investment by an incremental $33 million in the second half of 2021 compared to previous forecasts."
Beachbody is a holding company involved in offering both streamed and live fitness and nutrition programs.
Beachbody has a 52-week high of $18.20 and a 52-week low of $7.19.
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