- Peloton surged as much as 6% on Friday as massive sales growth offset concerns over supply constraints.
- The company beat estimates for its fiscal first-quarter earnings and revenue, with the latter more than tripling from the year-ago reading.
- Peloton also lifted its forecast for full-year sales above analyst expectations.
- The previous quarter’s strong demand has given way to “unacceptably long” wait times for bikes, CEO John Foley said in a call with analysts, noting the company will invest in faster shipping and more manufacturing capacity.
- The product shortage is “a good problem to have,” JPMorgan said in a note. The bank joined others in praising Peloton’s earnings results and lifted its price target to $145 from $125.
- Watch Peloton trade live here.
Peloton erased early morning losses and soared as much as 6% on Friday as titanic sales growth overshadowed supply-chain issues.
The exercise equipment company thrived through