On the same day that Peloton announced job cuts and the hiring of a new CEO, the company also released its second quarter 2022 financials and downgraded its full-year outlook.
In second quarter 2022, which for Peloton includes the three months that ended Dec. 31, 2021, total sales grew from $1.06 billion in second quarter 2021 to $1.13 billion this quarter, about a six percent increase. However, Peloton reported a net loss of $439.4 million compared with net income of $63.6 million in second quarter 2021.
The company’s connected fitness segment, which includes Precor and makes up about 70 percent of the company’s revenue, had revenue of $796.4 million, which is a decrease of eight percent from the same quarter last year.
Peloton now estimates its full-year 2022 financials will be in the range of $3.7 billion to $3.8 billion, which is down from its prior prediction of $4.4 billion to $4.8 billion, and it downgraded its estimates of connected fitness subscribers to 3 million rather than its previous estimate of 3.35 million to 3.45 million.
In the second quarter, Peloton had 2.77 million connected fitness subscribers.