Peloton Interactive’s (NASDAQ:PTON) released its first earnings report since going public, showing that the fitness company more than doubled its revenue over the last year.
In the first fiscal quarter of 2020, the New York-based Peloton’s revenue rose to $228 million, up from $112.1 million in the year-ago period.
The company narrowed its net loss to $49.8 million, or a loss of $1.29 a share, from a loss of $54.5 million, or a loss of $2.18 per share, a year earlier.
Peloton also doubled its connected fitness subscribers, defined as a Peloton user with a paid subscription. The company boasted more than 560,000 such members at the end of the first fiscal quarter, up from almost 277,000 a year ago.
Peloton made its public debut in September. Peloton’s stock is trading downward $1.59, or 6.4%, to $23.02, below its IPO price of $29. Peloton had the second-worst debut of a so-called unicorn, or a company with an offering size larger than $1 billion, this year.
For the full year, Peloton expects revenue between $1.45 billion and $1.50 billion. The company expects to increase its number of connected fitness subscribers to 885,000 to 895,000.
Peloton is the largest interactive fitness platform in the world with a loyal community of over 1.6 million Members. The company claims to have "pioneered connected, technology-enabled fitness, and the streaming of immersive, instructor-led boutique classes for its members anytime, anywhere."
