📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

Peloton stock surges on partnership with Google Fitbit

Published 14-08-2024, 04:22 pm
© Reuters.
GOOGL
-
GOOG
-
PTON
-

Google's (NASDAQ:GOOGL) Fitbit has entered into a partnership with Peloton Interactive (NASDAQ:PTON), allowing its premium users access to Peloton's fitness content starting in early September, according to an announcement by the companies on Tuesday.

Peloton shares jumped nearly 9% in premarket trading Wednesday.

Under the terms of the agreement, Fitbit premium members in the U.S., UK, Canada, and Australia will be able to access Peloton's classes in various categories, including pilates, running, boxing, and cycling.

In return, Peloton members will receive special offers on Google Pixel watches and Fitbit Charge 6 devices.

Financial terms of the deal were not disclosed.

“We're thrilled to bring Peloton's classes and world-class Instructors to Fitbit users, and continue to establish Peloton as a one-stop shop for all types of fitness content,” said Greg Hybl, Senior Vice President and General Manager of Peloton for Business.

“Together we share a commitment to make health and wellness more accessible and ensure even more people can reach their fitness goals.”

Peloton’s collaboration with Google comes as exercise equipment maker faces declining sales due to uncertain demand for its stationary bikes and treadmills, prompting the company to refinance its debt.

The company reported wider-than-expected loss for the fiscal third quarter and forecasted its first-ever decline in subscribers amid an uncertain economic backdrop.

Peloton reported a net loss of $275.9 million, or 79 cents per share, for the period, compared to a loss of $757.1 million, or $2.27 per share, a year earlier. This marked the company's ninth consecutive quarter of losses.

Revenue dropped 22% year-over-year, falling from $964.3 million.

Still, Peloton highlighted some progress in its turnaround strategy, recording growth in connected fitness subscriptions and a reduction in free cash flow losses.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.