Peloton reported its 8th consecutive quarterly loss, however, the fitness company’s shares rose by 20% on Wednesday due to higher-than-expected revenue and stronger subscription growth compared to hardware sales. Although sales of connected equipment dropped by 52% YoY, subscription revenue increased by 22%, leading CEO Barry McCarthy to indicate that this could be a “turning point.” The pandemic initially boosted Peloton’s popularity, but as the world returned to normal, the home gym equipment maker suffered, resulting in its fourth round of layoffs last fall.
