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By Pat Evans
Peloton shares jumped Tuesday following news the company would release two new products — a new premium version of its connected bike along with a budget treadmill. The company reports its fiscal fourth quarter earnings Thursday.
Peloton Bike+ will be $2,495 and include a swivel monitor, allowing for more than cycling workouts. The original bike will be discounted 15% to $1,895 and the company is offering $350 refunds to those who purchased it in the past 30 days. The new budget treadmill will retail at $2,495, almost $2,000 less than the Peloton Tread+.
The two new products help round out Peloton’s portfolio as more consumers are looking to give up their gym memberships. Peloton Chief Financial Officer Jill Woodworth said the company has 2.6 million members for its $39-per-month subscription workout service.
Peloton Stock By The Numbers:
— Stock jumped 14% Tuesday after new product announcements.
— Shares up 187% year-to-date.
— Third quarter sales were up 66% year-over-year to $524.6 million.
