Peloton Interactive Inc. (NASDAQ: PTON), the exercise equipment company, has come up with one more scheme to keep itself afloat, another in a line of failed attempts. Peloton for Business attempts to get people who have not used a Peloton product (at least in their offices) to run on one or sit in one at their jobs. (Customers are abandoning these 25 brands.)
The new plan promotes the “well-being of employees.” Its business sector targets are hospitality, corporate wellness, multifamily residential, education, health care, gyms and community wellness. How it picked these sectors may never be known outside the company.
The programs are described as “exclusive” and “unique.” Presumably, customers who bought the company’s equipment earlier do not get these, which is a shame.
Peloton has gone through several stages to live beyond the next few quarters. Its bikes have been offered used, as well as in Dick’s Sporting Goods, on Amazon and in Hilton- branded hotels. However, based on Peloton’s financials, these have not worked.
Peloton will announce earnings later this month. Wall Street appears to think the report will be gloomy. The stock is down 45% this year and trades near a 52-week low at $6.90.
Peloton lost $276 million in the most recent quarter and over $1 billion in the year that ended then. Revenue for the quarter was $748 million, down 20% year over year.
The newsroom at the Peloton website is filled with a list of efforts to right the ship. None has worked.
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