Peloton Interactive (PTON) - Get Report shares rose after hours as the provider of home gym-equipment and services reported a wider fiscal-third-quarter loss on stronger-than-expected 66% higher revenue.
For the quarter ended March 31 Peloton reported its net loss widened to $55.6 million from $38.6 million in the year-earlier quarter.
The per-share loss narrowed to 20 cents from $1.76 as shares outstanding rose to nearly 281 million from 22 million. Peloton went public last September.
Revenue reached $524.6 million from $316.7 million.
Analysts surveyed by FactSet were expecting the New York company to report a net loss of 18 cents a share on revenue of $488.5 million.
The company raised its full-year revenue guidance for a second time this year, to between $1.72 billion and $1.74 billion, representing 89% year-over-year growth at the midpoint.
In February, Peloton raised its internal fiscal-year revenue guidance to between $1.53 billion and $1.55 billion from a prior view of $1.48 billion at the midpoint.
Peloton ended the quarter with more than 886,000 connected fitness subscribers, a near doubling from a year earlier.
For the fiscal year, the company now expects to have between 1.04 million and 1.05 million connected fitness subscribers, more than double the year-ago figure.
The company ended the third quarter with $1.4 billion of cash, equivalents and marketable securities, triple the year-earlier figure.
At last check Peloton shares were trading up 4.4% at $39.72. They closed the regular Wednesday trading session up 5% at $38.03.
Peloton's stock received a boost Tuesday after analysts at Bank of America lifted their price target to $41 from $36 per share. The price target represented a more than 15% premium over its previous trading price.