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Peloton Stock Soars After Fitness Company Reports Strong Results, Names New CEO

#Peloton #Stock #Soars #Fitness #Company #Reports #Strong #Results #Names #CEO

Ready meals

  • Shares of fitness company Peloton Interactive rose 22% in premarket trading Thursday after first-quarter results beat analyst estimates and it named Ford executive Peter Stern as its new CEO.
  • Peloton reported a net loss of just $1 million, an improvement of $158 million year over year and much narrower than expected.
  • Stern, who is currently president of Ford Integrated Services and was previously an Apple executive, will begin his new roles as CEO and president on January 1, 2025.

Shares of fitness company Peloton Interactive (PTON) rose 22% in pre-market trading Thursday after first-quarter results beat analyst estimates and Ford named CEO Peter Stern as its new CEO and president.

Peloton reported a net loss of just $1 million, a $158 million improvement year-over-year and much narrower than the $51.7 million loss expected by analysts surveyed by Visible Alpha. Revenue of $586.0 million also exceeded expectations.

Stern, who is currently president of Ford Integrated Services and was previously an executive at Apple (AAPL), will begin his new duties on January 1, 2025.

Peloton has been searching for a CEO since May

In May, Peloton announced that Barry McCarthy would step down as CEO and that the board had “begun a comprehensive search” to find its next leader.

Peloton shares were up about 9% over the year through Wednesday’s close.

#Peloton #Stock #Soars #Fitness #Company #Reports #Strong #Results #Names #CEO

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