Latest news with #PeterStern
Yahoo
21 hours ago
- Business
- Yahoo
Peloton looks to place equipment in gyms, launch marketplace, TechCrunch says
Peloton (PTON) CEO Peter Stern said the company is exploring ways to expand its customer base by making its products available for use in gyms and launching a peer-to-peer marketplace for equipment, Ivan Mehta of TechCrunch reports, citing comments made by Stern at the Bloomberg Tech Summit. Peloton plans to distribute its machines to commercial gyms via is subsidiary Precor and will add Peloton workouts to compatible Precor equipment. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on PTON: Disclaimer & DisclosureReport an Issue Peloton's Strategic Initiatives and Margin Improvements Justify Buy Rating Peloton Interactive call volume above normal and directionally bullish Peloton's 'Repowered' Marketplace: A Strategic Move to Boost Revenue and Brand Loyalty Repowered: Peloton Stock (NASDAQ:PTON) Ticks Up with New Used Market Peloton price target lowered to $8.50 from $10 at Citi Sign in to access your portfolio
TechCrunch
2 days ago
- Business
- TechCrunch
Peloton explores placing its equipment in gyms, launching marketplace for used gear
Fitness equipment maker Peloton's CEO Peter Stern has said the company is exploring ways to expand its customer base by making its products available for use in gyms and launching a peer-to-peer marketplace for used equipment. Speaking at Bloomberg Tech Summit on Thursday, Stern said Peloton plans to distribute its machines to commercial gyms via its subsidiary Precor, a gym equipment supplier, and is working to add Peloton workouts to compatible Precor equipment. The company this week also set out to grab a share of the market for used Peloton equipment, launching a peer-to-peer marketplace called Repowered. 'Historically, [secondhand sales have] taken place, for example, on Facebook marketplace, and that's absolutely fine for people who want to do that, but it means that you need to transact with a stranger on both ends, and potentially have that stranger come into your home. What we're trying to do is streamline that and deliver a more premium experience for those secondhand customers,' he said. Stern said the company aims to use AI to improve personalization for its members. 'I want to find ways to scale coaching by creating individualized programs for each of our members so that they can get the right class from the right instructor that's personalized for them,' he said.
TechCrunch
2 days ago
- Business
- TechCrunch
Peloton explores placing its equipment in gyms, launches marketplace for used gear
Fitness equipment maker Peloton's CEO Peter Stern has said the company is exploring ways to expand its customer base by making its products available for use in gyms, and launching a peer-to-peer marketplace for used equipment. Speaking at Bloomberg Tech Summit on Thursday, Stern said Peloton plans to distribute its machines to commercial gyms via its subsidiary Precor, a gym equipment supplier, and is working to add Peloton workouts to compatible Precor equipment. The company this week also set out to grab a share of the market for used Peloton equipment, launching a peer-to-peer marketplace called Repowered. 'Historically, [second-hand sales have] taken place, for example, on Facebook marketplace, and that's absolutely fine for people who want to do that, but it means that you need to transact with a stranger on both ends, and potentially have that stranger come into your home. What we're trying to do is streamline that and deliver a more premium experience for those second-hand customers,' he said. Stern said the company aims to use AI to improve personalization for its members. 'I want to find ways to scale coaching by creating individualized programs for each of our members so that they can get the right class from the right instructor that's personalized for them,' he said.
Forbes
2 days ago
- Business
- Forbes
CEO Says Peloton Not For Sale As Peloton Repowered Marketplace Debuts
Peloton stock soared during the pandemic but its share price has been downhill ever since. (Photo by ... More) Peloton has launched an equipment and accessories resale marketplace called Peloton Repowered, as the company boss also slapped a 'not for sale' sign over the business. Speaking at a Bloomberg event today, CEO Peter Stern insisted that he had not been brought in to find a buyer for the company but instead is looking to capitalize on new and existing customers with a range of initiatives, including the growing trend towards pre-used merchandise. Initially eligible for sellers located in the Boston, New York City and Washington, D.C. metro areas, the marketplace will then expand nationally in the coming months and has been created to connect buyers and sellers in the same metro area, Peloton said. In its testing phase it will launch in beta and until there is enough inventory will only allow users to list items, with the facility to buy and sell to be introduced in the next few weeks. The platform will enable members to post their used Peloton equipment and gear and set a price with help from a generative AI tool, the company said, although sellers will have the final say on how much to list the item for. Peloton Repowered sellers will receive 70% of the sale price and a discount on new Peloton workout equipment, adding to the discounted products it sells, which already include refurbished equipment, offering a peer-to-peer pre-owned option. The sellers' discount on new Peloton equipment will range from around $200 to $600, depending on what type of new equipment is purchased, while Peloton Repowered buyers will receive a reduced used activation fee for the equipment they purchase at $45, which compares with its typical used equipment activation fee of $95. Buyers will be able to see the equipment's history on the listing and have the option to get the item delivered for an extra fee, Peloton said. The Peloton Repowered platform works through the Archive platform, which has worked with fashion brands including The North Face, Dr. Martens and New Balance and Peloton said previously it had started to see a 'meaningful increase' in the number of new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. The launch of Peloton's new resale platform follows third-quarter earnings released last month that showed a 13% year-on-year fall in revenue to $624 million and a wider-than-expected net loss of nearly $48 million. Peloton ended the third quarter with 2.9 million paid fitness subscribers, down 6% from a year prior. Peter Stern, president and CEO of Peloton, during the Bloomberg Tech conference in San ... More Franciscoyesterday. Photographer: David Paul Morris/Bloomberg Peloton's stock value is a fraction of the peak in 2021, when enforced pandemic lockdowns led to a surge in home exercise and rocketing equipment and subscription sales. CEO Peter Stern – who was co-founder of Apple Fitness+ – took the helm in January and been trying to revamp the company, although he has so far been unable to reverse value declines which have seen the stock price fall by over a fifth since the start of the year. Speaking at a Bloomberg event yesterday, Stern stressed that he had no intention of selling the company as he reaffirmed his commitment to reviving the bike and running workouts firm and keeping it "a standalone company." "I was not hired to sell this company,' he said. "I was hired to bring this company back to growth, reinvigorate it, and that is happening." He said that Peloton must evolve into a more personalized coach powered by AI, while expanding its reach through retail, international markets, and travel, including a stronger presence in hotel gyms. The company has implemented several initiatives to steady the business, including 15% job cuts announced last year and shifting its focus to subscription sales over hardware. The company last month also initiated a pricing strategy to offer discounted equipment rates for eligible educators, healthcare workers, first responders and military personnel in the U.S. Peloton Repowered also seems to play to Stern's assertion that the company must balance between hardware and software: "Our future is not to try to scale the app at the expense of that equipment business," he said
Yahoo
2 days ago
- Business
- Yahoo
Why Peloton Interactive, Inc. (PTON) Skyrocketed Today
We recently published a list of . In this article, we are going to take a look at where Peloton Interactive, Inc. (NASDAQ:PTON) stands against other Wednesday's best-performing stocks. Peloton Interactive saw its share price increase by 12.16 percent on Wednesday to close at $7.47 apiece as investors resorted to bargain-hunting following the company's announcement of strategic growth plans. During a fireside chat at the Bank of America's Global Technology Conference on the same day, Peloton Interactive Inc. (NASDAQ:PTON) President and CEO Peter Stern outlined the company's focus to sustain growth, emphasizing efficiency in marketing, member retention, and innovation. A group of people in a fitness class with connected fitness products in a studio or gym. According to Stern, Peloton Interactive, Inc. (NASDAQ:PTON) is planning to expand its retail presence and partnerships globally and is enhancing marketing efficiency to reduce subscriber acquisition costs. He also said that the company plans to pay off $200 million in February 2026, and just welcomed the appointment of Charlie Kyrill as its new chief operating officer and Dion Camp Sanders as its chief commercial officer. They will be tasked to enhance supply chain and manufacturing, as well as drive growth in international, retail, and commercial segments, respectively. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
