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Peloton CEO Says Ship Is Turning the Right Way as Revenue and Profits Drop

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Peloton CEO Says Ship Is Turning the Right Way as Revenue and Profits Drop: https://g.foolcdn.com/editorial/images/707683/frustrated-investor-computer-paper-hands-on-head.jpg

Connected-fitness company Peloton Interactive (NASDAQ: PTON) reported financial results for the first quarter of its fiscal 2023 on Nov. 3, and boy, was it a doozy. The company's Q1 revenue was down 23% year over year to $616.5 million. And its net loss widened from $376 million last year to $408.5 million this year.

With those headline numbers, observers might conclude that Peloton is going in the wrong direction. But not according to CEO Barry McCarthy. In his letter to shareholders, McCarthy expressed optimism with Peloton's Q1 results and said, "The ship is turning."

Here's what McCarthy means, and here's what shareholders should do with this information.

Source Fool.com

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