Peloton Interactive (Nasdaq: PTON) shared on Thursday its preliminary results for its fiscal Q2 2022 ended December 31, 2021. The results highlighted a quarterly revenue of US$1.14 billion.
The revenue is an increase from fiscal Q1 2022’s US$805.2 million and also met the previously announced guidance of US$1.1 – US$1.2 billion.
“As we discussed last quarter, we are taking significant corrective actions to improve our profitability outlook and optimize our costs across the company,” said CEO John Foley. “This includes gross margin improvements, moving to a more variable cost structure, and identifying reductions in our operating expenses as we build a more focused Peloton moving forward.”
However, the firm is expecting to notch a quarterly net loss between US$423 – US$481 million, compared to last quarter’s net loss of US$376 million.
The adjusted EBITDA for the quarter is estimated to also be at a loss between US$260 – US$270 million, exceeding the guidance of US$325 – US$350 million loss.
The fitness brand also said it recorded approximately 2.77 million ending connected fitness subscriptions, falling below the guidance of 2.8 – 2.85 million.
Foley said that the firm will release its detailed Q2 2022 results on February 8, 2022.
The company recently halted the production of its bikes and treadmills due to low demand.
Peloton Interactive last traded at $24.22 on the Nasdaq, down 23.9% on the day.
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