Peloton CEO puzzled as stock sinks again, 'I can’t explain it' he told Forbes by bizcarson
John Foley, cofounder and CEO of Peloton, in New York on the day of the company's initial publicPeloton CEO John Foley isn’t quite sure what to make of the public market’s reception to his fitness company: “It’s a head-scratcher.”
“I can’t explain it, especially coming out of this morning when we had 103% top-line growth,” he told“We’re going to achieve high growth and profitability much sooner than people think, yet we traded down.” Wall Street, though, has shown little patience for money-losing tech IPOs in 2019 as it looks for profits. Like Peloton, Uber and Lyft are each trading over 30% down from their IPO prices. Uber beat earnings estimates on Monday butin losses for the quarter, and its stock also fell more than 7% in trading.
He knows the market is looking for the company to become profitable, but he says that he’s not holding off on investing for now. The company bought a manufacturer in Taiwan for $47.4 million, allowing it more control over its supply chain and potentially more of a defense in a trade war. Peloton’s also building out its content studios in New York and London, and launching in Germany in November.
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