Peloton posted earnings after the bell Thursday.
The company, which listed on the Nasdaq in late September, posted a wider-than-expected third-quarter loss of 20 cents per share but saw overall revenues rise 66% from last year to a Street-beating $524.6 million.
Connected fitness subscribers, according to Peloton, would likely rise past 1 million for the full 2020 financial year, up from its prior forecast of between 920,000 and 930,000.
"As you might imagine, however, the shelter-in-place and work from home realities have created a meaningful tailwind for Peloton and a broader ongoing consumer shift towards that home fitness experiences," CEO John Foley told investors on a conference call on Wednesday. "While this tailwind is undeniably positive for our business financially, we are more proud of our member growth, the increased engagement of our members on our platforms, and the feedback we've received from our members about how Peloton has helped them maintain their physical and mental well-being in these difficult times."
In the past, Jim Cramer has said that his Peloton is more commonly used as a clothing rack, rather than an exercise bike, but with gyms closed, is that still the case?
Here's what he says he's doing with his Peloton now.
And don't miss Cramer's exclusive monthly members call for Action Alerts PLUS next Thursday, May 14 at 11:30 a.m. ET. The call, for the first time ever, will be streamed right here on StreetLightning.