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Peloton shares drop after first earnings report

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Peloton shares drop after first earnings report

Peloton shares drop after first earnings report

Shares in exercise bike fitness startup Peloton Interactive sank on Tuesday after its CEO said the company was choosing to focus on growth over profit for now.

Yahaira Jacquez reports.


Peloton shares drop after first earnings report

Shares of Peloton dropped Tuesday despite the company reporting quarterly results that topped Wall Street expectations.

In Peloton's first earnings report since going public, revenues grew to $228 million - beating out analysts estimates.

But it was CEO John Foley's words in the earnings call that frustrated investors, saying that for now, the company would focus on growth over profit.

Meanwhile, demand for the company's exercise bikes and on-demand workout programs spiked during the quarter, bringing along more subscribers for the ride.

And that helped Peloton lose less money.

But the company continues to trade below its $29 IPO price.

Peloton listed in September - part of a wave of high-profile market debuts - like Uber and Lyft - which have since seen their shares take a hit as investors grow weary of profit-less companies.

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