Peloton delivered strong results in its first post-IPO report, but the connected fitness company still failed to win over investors
By Dan Gallagher Updated Nov. 5, 2019 9:00 pm ET Peloton PTON -7.60% has a competition problem. Its rivals, though, aren’t today’s companies but yesterday’s.
The company also added more than 51,000 subscribers to its service in the September quarter—65% more than it added in the same period last year. And with some notable exceptions such as Planet Fitness, public markets haven’t always been keen on the fitness category anyway. Many privately held gym chains have faced financial difficulty. SoulCycle filed for an initial public offering in 2015 but never got out the door. YogaWorks delisted its shares this summer at a fraction of its offering price less than two years earlier.
Peloton’s share price had already slid 15% from its listing price ahead of Tuesday’s results. It is also one of the very few IPOs this year besides Uber to decline on its first day of trading.
France Dernières Nouvelles, France Actualités
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