By Yasin Ebrahim
Investing.com - Peloton reported Thursday better-than-expected guidance and fiscal fourth-quarter earnings as sales more than doubled on soaring demand during the pandemic.
Peloton Interactive Inc (NASDAQ:PTON) was up more 7% in after-market trading.
The company guided fiscal first-quarter sales within a range of $720 million to $730 million, which would represent 218% growth year-over-year from the mid-point, markedly above expectations between $500-to-520 million.
For fiscal 2021, the company sees sales of between $3.5 billion and $3.65 billion, which at the mid-point of that range would be up 96% from a year earlier.
The company reported earnings of 27 cents per share, compared with a loss of $2.07 per share in the prior-year period, and well above consensus of 10 cents a share. Revenue jumped 172% to $607.1 million, topping estimates for $582.5 million.
Connected fitness subscribers jumped 113% to 1.09 million, and are expected to increase in a range of 2.05 million to 2.1 million in fiscal 2021, suggesting the demand is unlikely a one and done story owing to a boost from the pandemic.