Peloton (PTON) - Get Report shares on Tuesday climbed after the interactive bike-and-exercise-services company said it had crossed the 1 million subscriber mark, as the coronavirus has people scrambling for ways to keep in shape while socially distancing.
Peloton's stock at last check rose 7.2% to $45.87 after the at-home fitness startup notified the Securities and Exchange Commission in a regulatory filing that it had passed 1 million total connected fitness subscribers.
Peloton also said it would not be updating its outlook for the fourth quarter and for full-year 2020. The company previously raised its outlook for fiscal 2020 to a total of 1.04 to 1.05 million subscribers.
The passing of the 1 million connected-fitness-subscriber mark appears to represent a significant jump from what Peloton reported at the end of its fiscal third quarter in March.
At that time, Peloton reported 886,100 subscribers in the connected fitness category, which would represent an addition of another nearly 114,000 subscribers, or about 13%, over the past six weeks.
Peloton's fiscal-third-quarter results, covering the first three months of 2020, were already showing a jump in the number of people ordering its interactive stationary bikes and tuning into the company's video exercise classes.
In an update to shareholders last week, Peloton noted that the 886,100 number represented 94% growth over the first three months of 2019.
The number of digital subscribers advanced more than 64% from the year-earlier period, to more than 176,600, the company said.