Peloton stock sinks to record low as CEO steps down
Peloton shares fell to a record low after CEO Barry McCarthy stepped down.
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange - here’s what we’re watching on TheStreet today.
Stocks were in the green to close out today's session. The Dow closed 300 points higher, the Nasdaq closed 1.5 percent higher, and the S&P closed nearly one percent higher. This comes as investors continue to digest corporate earnings while looking ahead to the all-important April jobs report out Friday. Analysts are anticipating another strong month of job growth, forecasting a gain of 240,000 jobs, a slowdown from the 303,000 in March. Investors will be closely watching this report to determine the health of the U.S. labor market.
In other news - Peloton is now searching for its third CEO in just over two years. The company announced that current CEO Barry McCarthy will step down. 15 percent of the company’s workforce is heading out the door as well. Peloton says the layoffs were necessary because it ““simply had no other way to bring its spending in line with its revenue.”
The company released a statement saying “This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,”
The restructuring plan comes on the heels of disappointing third-quarter results. The fitness company missed Wall Street’s expectations on both its top and bottom lines. Peloton has suffered a dramatic fall from pandemic darling. Revenues have declined for nine straight quarters, and it hasn’t turned a net profit since December of 2020. The stock is at an all-time low.
Peloton doesn’t seem optimistic going forward, as it predicts a roughly 20 percent drop in app subscriptions - which comes out to about 150,000 users.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe | http://t.st/TheStreetTV
Earn. Live. Invest. | https://www.thestreet.com/
TheStreet Pro | https://pro.thestreet.com/
#peloton #ceo #pelotonbike
Видео Peloton stock sinks to record low as CEO steps down канала TheStreet
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange - here’s what we’re watching on TheStreet today.
Stocks were in the green to close out today's session. The Dow closed 300 points higher, the Nasdaq closed 1.5 percent higher, and the S&P closed nearly one percent higher. This comes as investors continue to digest corporate earnings while looking ahead to the all-important April jobs report out Friday. Analysts are anticipating another strong month of job growth, forecasting a gain of 240,000 jobs, a slowdown from the 303,000 in March. Investors will be closely watching this report to determine the health of the U.S. labor market.
In other news - Peloton is now searching for its third CEO in just over two years. The company announced that current CEO Barry McCarthy will step down. 15 percent of the company’s workforce is heading out the door as well. Peloton says the layoffs were necessary because it ““simply had no other way to bring its spending in line with its revenue.”
The company released a statement saying “This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business,”
The restructuring plan comes on the heels of disappointing third-quarter results. The fitness company missed Wall Street’s expectations on both its top and bottom lines. Peloton has suffered a dramatic fall from pandemic darling. Revenues have declined for nine straight quarters, and it hasn’t turned a net profit since December of 2020. The stock is at an all-time low.
Peloton doesn’t seem optimistic going forward, as it predicts a roughly 20 percent drop in app subscriptions - which comes out to about 150,000 users.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe | http://t.st/TheStreetTV
Earn. Live. Invest. | https://www.thestreet.com/
TheStreet Pro | https://pro.thestreet.com/
#peloton #ceo #pelotonbike
Видео Peloton stock sinks to record low as CEO steps down канала TheStreet
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
Oprah co-author explains how social media can affect your wealthMemorial Day travel surge: Expect record air travel, busy roadsTop Retail Stocks for 2016: Dollar General, Restoration Hardware, Best BuySmartscooter May Change How People Travel in Mega CitiesNvidia's valuation is high, but ‘I’ve lost opportunity every time I sold it,’ trader saysNordic American Tanker Capsizes on 12-Million Share OfferingWalmart posts strong quarter thanks to higher income shoppersBitcoin hits new all-time high — why the world’s largest crypto is surgingU.S. sues to break up alleged Ticketmaster monopolyHere are a few tips for when it's time to ask for a raise. 💰How Much Gold Will China Buy?Google Is Proud New Owner of World's Fastest RobotVolkswagen Earns Its Wings in Its Fifth Consecutive Super Bowl AdHere’s how to perfect your LinkedIn profile in four stepsKara Swisher's biggest tech predictions — what she got right and wrongThe Expectations Are High for the Upcoming Apple Watch EventHow Beyoncé built a multi-million dollar fortuneCFTC chairman Gary Gensler on MF Global's Failed SaleDetroit 2016 Auto Show Kicks off with Luxury Car PreviewFloridians Have Been Warned of a Direct hitWhy Stocks Historically Rise Prior to a Presidential Election