Peloton posts first-ever annual net profit, but shares drop as outlook disappoints

Peloton posts first-ever annual net profit, but shares drop as outlook disappoints

Peloton achieved profitability milestones in its fiscal year ended June 30, posting net income of $63.2 million compared with a loss of $118.9 million in the previous year. The turnaround was aided by price increases implemented on hardware and subscription offerings. Despite these gains, the company’s stock declined sharply in morning trading as investors reacted negatively to forward guidance. For the fiscal fourth quarter ending June 30, Pelo…