Feb 27, 2021 at 12:25PM
Peloton Interactive (NASDAQ:PTON), the leading maker of connected home-exercise equipment, earlier this month reported powerful fiscal second-quarter 2021 results (for the period ended Dec. 31, 3020).
Its revenue soared 128% year over year to $1.065 billion. Bottom-line performance was also robust with net income landing at $63.6 million, or $0.18 per share, versus a net loss of $55.4 million, or $0.20 per share, in the year-ago period.
Both results beat Wall Street s expectations, which were for earnings per share of $0.09 on revenue of $1.03 billion.
But shares fell 5.9% on the day following the release. The market s reaction can probably be largely attributable to management s statement that measures to improve its ongoing inventory and supply chain issues will hurt profits in the near term.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. if Peloton is able to catch up to its order backlog by the summer as executives forecasted, increased production capacity in Asia will be the reason, CEO John Foley said. Ezra Shaw/Getty Images This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
After Peloton s manufacturing ramp-up in Asia, executives expect to catch up to demand this summer.
Port congestion is hampering increased manufacturing in Asia from improving delivery delays.
Peloton expects to produce bikes in the US by the end of 2021 with Precor acquisition.
Peloton Announces $420 Purchase Deal of Fitness Equipment Manufacturer Precor, PTON Stock Up 7% coinspeaker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coinspeaker.com Daily Mail and Mail on Sunday newspapers.
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Exercise bike maker Peloton Interactive Inc said on Monday it would buy peer Precor in a deal valued at $420 million as it looks to boost its U.S. manufacturing capacity and market share for fitness products.
Peloton’s shares, which have gained more than 400% this year, rose another 8% after the bell.
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Demand for streaming exercise services and home work-out equipments soared during the COVID-19 pandemic from people largely working from home.