Thursday, February 1, 2024

I FUCKING HOPE SO......I HATE THEM

 

I really do hope they tank......take a shit......... and go out of  business ....i just hate the  whole  company...........  and  a bike  that goes  fucking nowhere........ and you pedal like a  fucking tosser........ and  not  move an inch ......just hate   them.........the overpriced  bike ..... that costs  thousands........ and  does  not  even move.......  what a  fucking scam ....bollocks  ....

Is Peloton going out of business? It's market cap is now just 3% of lockdown peak after bosses today admit it still can't make a profit and shares hit lowest ever level - what does it mean for owners of its fitness bikes?

  • Peloton gained millions of customers in 2020 as Americans were stuck at home
  • But since then sales have fallen - and today shares hit lowest level ever
  • Company still has loyal fans - but can Peloton carry on? 

Millions of Americans bought $1,500 Peloton fitness bikes in lockdown - and the company could not make them fast enough.

Shares spiked and the company was wroth more than $45 billion by the end of 2020.

Back then, it traded above $150 a share at the end of that year and 2021 - peaking at $170.

But this morninng shares slumped 22 percent to $4.22, making the firm once tipped to kill off gyms and rule the world of fitness worth just $1.5 billion.

And it also leaves its legion of fans wondering if the high-octane online classes will continue - or will their bikes end up as expensive clothes hangers. 

Peloton has millions of fans, who tune in to classes from instructors like Jess Sims - but its shares are now at lowest ever level as bosses admitted sales of bike equipment are slow

Peloton has millions of fans, who tune in to classes from instructors like Jess Sims - but its shares are now at lowest ever level as bosses admitted sales of bike equipment are slow

Peloton shares this morninng shares slumped 22 percent to $4.22, making the firm once tipped to kill off gyms and rule the world of fitness worth just $1.5 billion

Peloton shares this morninng shares slumped 22 percent to $4.22, making the firm once tipped to kill off gyms and rule the world of fitness worth just $1.5 billion

Millions of Americans bought $1,500 Peloton fitness bikes in lockdown -but will company survive after shares slumped again

Millions of Americans bought $1,500 Peloton fitness bikes in lockdown -but will company survive after shares slumped again

But despite Wall Street voting to Peloton's progress - or lack of it - in boosting sales and making money, CEO Barry McCarthy has no plans to throw in the towel.

He has vowed to turn things around in 2024.

In the past experts have said that Peloton could be bought out by tech giant, with Apple named. As the share price gets cheaper, it makes that more likely - as the cost to buy Peloton falls as the share price declines.  

In a letter to shareholders, McCarthy said: 'We continue to explore ways to ignite growth across multiple vectors.

'Several of these new initiatives have performed strongly. Some have not.' 

He tried a high profile push into the college market. A tie up with University of Mighigan in August with co-branded bikes was hoped to boost sales to students, colleges, alumni and boosters. It didn't work and has now been scrapped.  

Peloton was one of the biggest winners of Covid lockdowns as Americans bought its  excercise bikes and paid $40 a month for online classes. It also rolled out a rowing machine and treadmill. 

Peloton hopes the reintroduction of the high-end Tread+ priced at $5,995, two years after sales were temporarily halted due to safety concerns, will boost sales

Peloton hopes the reintroduction of the high-end Tread+ priced at $5,995, two years after sales were temporarily halted due to safety concerns, will boost sales

Peloton users pay $40 a month to access online classes beamed to screens attached to bikes

Peloton users pay $40 a month to access online classes beamed to screens attached to bikes

Peloton CEO Barry McCarthy hopes to turn the companyaround

Peloton CEO Barry McCarthy hopes to turn the companyaround

Incredible sales growth during the height of the coronavirus pandemic sawits share price multipy by more than five times in 2020 amid lockdowns. 

But sales of its pricey bikes and treadmills began to slow in 2021 as vaccines gave people more freedom to get out of their homes, including visits to the gym. 

It has been trying to boost income by selling subcriptions to fitness, running and yoga classes via its phone and tablet apps -  rather than just by selling equipment and subscriptions to classes on those.  

Sales fell to $744 million in the second quarter, which company executives consider its most important quarter. That amounts to a 6 percent decline from a year ago and a whopping 34 percent fall from two years ago.

The company reported a net loss for the three-month period that ended December of $194.9 million, compared with a loss of $335.4 million, a year earlier.

Subscribers using Peloton's equipment numbered 3 million in the second quarter, up 1 percent on last year.

But subscribers to the app fell 16 percent to 718,000.

Peloton hopes partnerships with Amazon.com and Lululemon Athletica will make its products and services more accessible.

It is also betting on a boost from the reintroduction of the high-end Tread+ priced at $5,995, two years after sales were temporarily halted due to safety concerns.

Still, demand for its equipment was lower than expected as inflation-weary customers pulled back on spending during the holiday season, typically its strongest for hardware sales.

'While our paid subscriptions for connected fitness outperformed our expectations, our hardware sales were a bit softer than we expected,' finance chief Elizabeth Coddington said on a call with analysts.

Shares had already fallen 8.7 percent this year before today's dismal results for the October to December quarter. 

They had fallen in in 2021, 2022 and 2023 - and are down more than 90 pecent from pandemic highs.

Peloton's two years of disasters

March 2021: Peloton warns parents to keep children away from its Tread+ treadmills after a six year old child is killed after being pulled underneath one of them

May 2021: Peloton recalls the running machines after reports of at least 72 other injuries emerge. Class action lawsuits against the company are filed

June 2021: Firm is accused of greed after disabling 'Just Run' feature on Tread+ which lets users run for free, instead forcing them to pay a $39 fee. Brought the free option back after an outcry

August 2021: Peloton slashes cost of its entry-level bike by $400 as revenue growth slows 

November 2021: Peloton reports sales of its products fell by 17 percent for the most recent quarter, with the smallest gain in subscribers since going public in September 2019. That saw Peloton's market cap tumble by $8 billion, and John Foley lose his billionaire status 

December 2021: Mr Big - played by Chris Noth - dies of a heart attack after using a Peloton in the Sex and the City reboot And Just Like That. Shares continue to drop. Days later, Peloton is hailed for producing an advert featuring the revived character joking about the exercise bike. But it is forced to pull the hailed commercial after Noth is hit by multiple claims of sexual assault, which he denies 

Firm hit by fresh scandal after John Foley hosts lavish Christmas party for select employees, after annual bash was scrapped for rank-and-file staff 

Chris Noth, who plays Mr Big in Sex and the City, dies from a heart attack after using his Peloton

Chris Noth, who plays Mr Big in Sex and the City, dies from a heart attack after using his Peloton

January 2022: Leaked audio reveals plans to fire 41% of sales and marketing teams. Stock price tumbles further after it emerged production of bikes and treadmills would be slowed due to sinking demand.

Calls for Foley to be fired emerge.

The PR gets even worse as another TV character is almost killed off from a heart attack after a Peloton session. Showtime's popular series Billions used the bikes to give Mike Wagner, played by David Costabile, a scare in the season six premiere. He survives, and declared he is not going to die 'like Mr Big'

Mike Wagner, played by David Costabile, is seen in the Season 6 premiere of Showtime¿s Billions having a heart attack after riding a Peloton bike

Mike Wagner, played by David Costabile, is seen in the Season 6 premiere of Showtime’s Billions having a heart attack after riding a Peloton bike

February 2022: Executives at Peloton alleged to have hatched a plan to conceal rust and corrosion on their high-end bikes with a chemical solution.

When staff noticed that paint was flaking off some of the machines last year the company allegedly began using a chemical solution that disguised corrosion on the bikes by 'reacting with the rust to form a black layer', according to the Financial Times.

May 2022: Peloton's stocks plummet nearly 90 percent over the past year, as company executives revealed that it lost a staggering $750 million in the previous quarter due to unsold inventory and mounting costs. 

The company lost $757.1 million for the three months of 2022, amounting to about $2.27 per share. And when stripping out nonrecurring items from the equation, a survey by Zacks Investment Research, it lost 98 cents per share - outpacing projections of a per-share loss of 85 cents. 

August 2022: Company announces it is slashing 784 jobs, increasing equipment prices, closing retail locations, and requiring employees to return to the office by November, as they try to secure their bottom line.

Peloton reports a huge $1.2 billion loss, its sixth consecutive quarter of reported losses, sending shares tumbling 15 percent.


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