Peloton reported preliminary December results, essentially in line with expectations.
Takeaways:
- Peloton’s customer loyalty improved QOQ and the company continues to have some of the highest subscriptions in the industry.
- Peloton introduced cost cutting measures which begs the question about guidance. Without the presence of March guidance, it is hard to get a clear picture of what Peloton’s growth rate is.
- Beyond 2022 — Fitness goes through fads. We think what’s most important is for Peloton to start thinking about winning the next fad.