Peloton (PTON) to lay off 15% of global workforce, CEO to step down

Peloton Interactive (PTON) PT Lowered to $3.50 at Goldman Sachs

May 3, 2024 6:02 AM EDT

Goldman Sachs analyst Eric Sheridan lowered the price target on Peloton Interactive (NASDAQ: PTON) to $3.50 (from $5.75) while maintaining a Neutral rating.

The analyst comments "Peloton's 3FQ24 earnings report reflected a few key themes: a) a continued overall muted demand environment for the category and dynamics around the companys go-to-market strategy driving near-term subscriber headwinds; b) Peloton... More

Telsey Comments on Peloton Interactive (PTON)

May 3, 2024 5:44 AM EDT

Telsey analyst Dana Telsey reiterated a Market Perform rating and $4.00 price target on Peloton Interactive (NASDAQ: PTON).

The analyst comments "Peloton had two big announcements today in the form of the departure of CEO Barry McCarthy after just over two years in the role and a large $200MM restructuring program that will eliminate 15% of the company's global workforce. These announcements overshadowed a return to positive FCF and better-than-expected adjusted EBITDA in... More

Bernstein SocGen Group Downgrades Peloton Interactive (PTON) to Market Perform

May 3, 2024 5:15 AM EDT

Bernstein SocGen Group analyst Aneesha Sherman downgraded Peloton Interactive (NASDAQ: PTON) from Outperform to Market Perform with a price target of $3.80.

The analyst comments "The key question in the PTON investment thesis is: can this business ever grow again? New mgmt, cost-cuts... More

Peloton (PTON) Misses Q3 EPS by 9c; cuts revenue guidance

May 2, 2024 7:07 AM EDT

Peloton (NASDAQ: PTON) reported Q3 EPS of ($0.45), $0.09 worse than the analyst estimate of ($0.36). Revenue for the quarter came in at $717.7 million versus the consensus estimate of $718 million.

GUIDANCE:

Peloton sees FY2024 revenue of $2.68-2.7 billion, versus the consensus of $2.71... More

Peloton CEO McCarthy steps down, fitness equipment maker to cut 15% jobs

May 2, 2024 7:06 AM EDT

By Kannaki Deka

(Reuters) -Peloton CEO Barry McCarthy, who was tasked in early 2022 to stem the fitness equipment maker's slide in sales from the pandemic highs, has quit as the company announced job cuts to reduce costs after posting weak results.

Its battered shares fell 12% as Wall Street analysts doubted the growth prospects of the company that went public in 2019 but was yet to turn a profit.

On Thursday, Peloton reported smaller-than-expected quarterly revenue and cut its full-year forecast slightly amid dwindling demand for its stationary bikes and... More

Peloton (PTON) to Cut 15% Staff, Announces Cost Reduction

May 2, 2024 7:06 AM EDT

Peloton Interactive, Inc. (NASDAQ: PTON) today announced comprehensive restructuring efforts to align the company's cost structure with the current size of its business. This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business. Upon full implementation, the company expects the plan to result in reduced annual run-rate expenses by more than $200 million by the end of... More

Peloton (PTON) Announces Barry McCarthy is stepping down as President, CEO

May 2, 2024 7:01 AM EDT

Peloton Interactive, Inc. (NASDAQ: PTON) today announced Barry McCarthy is stepping down as President, CEO and a Peloton Board Director, and will become a strategic advisor to Peloton through the end of the year. The Board has initiated a comprehensive search process to identify Peloton's next CEO. Karen Boone, current Peloton Chairperson, and Chris Bruzzo, a Peloton Director, will serve as Interim Co-CEOs. In addition, Jay Hoag, a Peloton Director, has... More

Powell speech, Apple results, OECD growth - what's moving markets

May 2, 2024 4:40 AM EDT

Investing.com -- Fed chief Jerome Powell appears to have calmed nerves on Wall Street, with futures looking positive. Apple is set to report results after the close, and a drop in revenue is expected, while the OECD has lifted its forecast for global growth this year. 

1. Powell eases rate hike fears

Federal Reserve Chair Jerome Powells comments at the conclusion of the central banks latest policy meeting soothed nerves, with the central bank maintaining its easing basis.

The Fed left interest rates on... More

World of Hyatt (H) and Peloton (PTON) Team Up with Plans to Reward Members for Wellbeing

May 1, 2024 8:03 AM EDT

World of Hyatt, Hyatts award-winning loyalty program, is teaming up with Peloton (NASDAQ: PTON) to become the first global hospitality loyalty program with plans to reward its loyalty members for doing more of what they love earning World of Hyatt points when they use Peloton equipment at Hyatt properties in countries where Peloton currently operates. In the future, that will mean more opportunities to earn World of Hyatt points to apply towards future bookings, upgrades and experiences just by investing in their own wellbeing when they travel. The collaboration is set to outfit 800+ Hyatt... More