Thu, Aug 22, 9:09 PM (145 days ago)
Peloton Interactive, Inc. reported a mixed financial performance for the fiscal year ended June 30, 2024, with total revenue of $2.7 billion, a 3.6% decrease from the previous year. Connected Fitness Products revenue fell by 12.2% to $991.7 million, driven by reduced demand, while Subscription revenue rose 2.3% to $1.7 billion, aided by new content licensing agreements. The net loss narrowed to $551.9 million from $1.26 billion in the prior year. Operating expenses decreased 18.1% to $1.74 billion, reflecting ongoing restructuring efforts. The company initiated a 2024 Restructuring Plan, aiming to reduce annual expenses by over $200 million by fiscal 2025. Notably, Peloton's cash and cash equivalents stood at $697.6 million, and it successfully refinanced its debt, reducing liabilities by approximately $200 million. Key risks include reliance on third-party suppliers, competition in the fitness market, and ongoing litigation related to product recalls. The company's ability to innovate and manage costs effectively will be crucial for future growth and profitability.