Peloton Interactive's (NASDAQ: PTON) stock soared nearly 27% on Feb. 1 after the company posted its latest earnings report.

For the second quarter of fiscal 2023, which ended on Dec. 31, the connected fitness device maker's revenue fell 30% year over year to $793 million but still beat analysts' expectations by $80 million. Its net loss narrowed from $439 million to $335 million, or $0.98 per share, which missed the consensus forecast by $0.31. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss also narrowed from $267 million to $122 million.

Peloton's business is still shrinking, but its narrower losses and outlook offered a few glimmers of hope. For the third quarter it expects its revenue to decline 26%-28% year over year, compared to analysts' expectations for a 28% drop, and for its adjusted EBITDA loss to narrow from $194 million to $35-$50 million.

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Source Fool.com