NEW YORK (BRAIN) — Connected stationary fitness bike brand Peloton Interactive reported revenue of $466.3 million in its second quarter — 77% up from the same quarter last year, but less than the 103% year-over-year growth it reported last quarter. The company reported a loss of $55.4 million, or 20 cents per share.
The stock closed down 2.3% at $32.70 per share Wednesday.
Peloton's product revenue was up 72% to $381.1 million, but its gross margin narrowed to 40.5% from 38.2% the previous quarter, due a shift in lower-margin products. Subscription revenue more than doubled to $77.1 millions.
The company said its member engagement expanded to 12.6 average monthly workouts per subscriber versus 9.7 a year ago.
Peloton forecast Q3 revenue of $470-$480 million. It raised its full-year Connected Fitness subscriber outlook to 920,000-930,000. Previously it forecast 890,000 subscribers for the full year.
