Peloton reports Q2 EPS (24c), consensus (19c)

Reports Q2 revenue $673.9M, consensus $653.28M. Reports Q2 members 6.2M vs. 6.4M last year. The company said, “We are grateful to Karen Boone and Chris Bruzzo for their leadership over the past few quarters. With their support, we delivered results that exceeded our guidance on key metrics in Q2. Upon Peter joining as CEO and President on January 1, Karen and Chris have now returned their focus to Board duties. We hope they feel the satisfaction that comes from a hard, important job well done and look forward to their contributions as Board Members. Peloton (PTON) is a category-defining brand that is beloved by its Members. Our products enable people to live better the more they use them. We believe that the better our Members feel, the more likely they are to stay committed and recommend us to their friends, which makes our business stronger. We see significant opportunities ahead, but we have a steep hill to climb to reach sustained, profitable growth. Returning to growth begins with a new focus on and execution against our purpose – empowering people to live fit, strong, long and happy. While it’s still early days for our new CEO, it’s already clear where we need to focus to serve this purpose: innovation on new products and experiences that lead to even better outcomes for Members; presence in more places so we can meet Members wherever they are; more ways to connect Members with Peloton and our supportive community; and improved unit economics with a cost structure that’s right-sized for our business.”