The rise and fall of Peloton mirrors that of Netflix, explains DoubleLJSquared WSJWhatsNow
total revenue for the June quarter of $700 million at the high end of its outlook, $120 million lower than what Wall Street had been expecting, while guidance for 2.98 million connected fitness subscribers came in just under what analysts had forecast.
of its bikes and treadmills once again, while raising the price of its connected fitness subscriptions.or fitness-as-a-service. Customers can now get a Peloton bike and an all-access content membership for less than $60 a month from select U.S. showroom locations. There is an added fee for delivery and set up, but no fee if the customer decides to cancel and return the hardware.
But the move is ill-timed, as the market has turned against all things tech, even streaming giants. Netflix shares lost over a third of their value in one day last month after the company said its paid quarterly subscribersMr. McCarthy said Peloton’s goal remains reaching 100 million members—that is a goal put forth by former chief executive John Foley in 2020—from around seven million now. That goal was a stretch then, when gyms were closed down as a result of the pandemic.