Victoria Song
Peloton’s Q1 earnings are in... and it’s still limping along.
New quarter, same story. Peloton shares are falling after today’s earnings release in which the company said it was struggling to convert free users of its app to paid subscriptions. It pointed to recent partnerships, like the one with Lululemon, as an area of growth, along with hardware rentals. But once again, subscriber churn was higher than expected — a not-so-encouraging trend for a company known for its loyal fanbase.
It also confirmed that the Tread Plus will be relaunching at $5,995. That’s business, baby.
Peloton Q1 2024 Shareholder Letter
[investor.onepeloton.com]