On Friday, Peloton stock rose as much as 13% in pre-market trading. The increase came after the connected-fitness group reported its first quarterly profit. Robust demand for at-home exercise equipment and online classes drove revenue up 172% to $607 million in the three months to June 30. That generated $89 million in net income for Peloton. Business Insider reports that Peloton executives expect to nearly double revenue to between $3.5 billion and $3.65 billion next year.
Fitness Peloton went up 14% on Tuesday. The near record high comes after Peloton announced two new exercise products, along with a price cut to its existing connected bike. Peloton introduced the new Peloton Bike+, a premium version of its already popular connected bike. They also announced the Peloton Tread, a budget version of its treadmill that was originally launched in 2018. Peloton cut the price of its Peloton bike by $350. The original price tag of the bike was $2,245.
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