Peloton Q3 earnings show huge revenue and membership spikes

Peloton bested Wall Street’s high expectations, delivering a huge quarterly earnings report Wednesday that showed revenues climbing 66%. In after-hours trading, the connected fitness company’s stock bounced around, briefly pushing the share price above its previous all-time high and then back below it.

The company posted total revenues of $524.6 million for the quarter, besting estimates of $488.5 million. The company detailed a loss of $.20 per share. Total members grew from 2.0 million in Q2 to 2.6 million in Q3, a 30% quarter-over-quarter increase. In March, the company announced it was extending the free trial period from 30 to 90 days for digital subscriptions not tied to the company bike or treadmill hardware.

Peloton has proven to be one of the few public stocks to find an opportunity in the COVID-19 pandemic as user growth surges due to gym closures and shelter-in-place orders.

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