has posted a heavy quarterly loss for the first quarter, indicating that it has a lot of work to do in order to correct course. The company made a net loss of $ 757.1 million in the first three months of the year (Q3 of Peloton's 2022 fiscal year). Not only was that a worse result than expected, it's a massive decrease from the $ 8.6 million loss it posted for the same period in 2021.
Revenue dropped from $ 1.262 billion a year ago to $ 964 million. Operating expenses, meanwhile, grew by 101 percent year-over year to $ 920 million. Peloton says those represented 95.4 percent of total revenue for the quarter, compared with 36.3 percent a year earlier.
One of the company's biggest challenges has been handling its in the wake of a sales decline as more people return to office life. "We have too much [inventory] for the current run rate of the business, and that inventory has consumed an enormous amount of cash, more than we expected, which has caused us to rethink our capital structure," CEO Barry McCarthy, who , wrote in a letter to shareholders. "We believe the inventory will sell eventually, so this is primarily a cash flow timing issue, not a structural issue."
Around the time McCarthy was appointed, Peloton announced it would cut 2,800 jobs, or around 20 percent of the corporate workforce. in February that the company was an acquisition target for several suitors, with the likes of Amazon and Nike said to be interested.
Although it won't be easy for the company to get back on track, Peloton at least has a plan to turn things around. It aims to return to positive free cash flow in its 2023 fiscal year.
Last month, it to subscriptions along with price cuts for many of its connected fitness machines. There are several reasons why Peloton is banking more heavily on subscriptions. For one, subscription revenues rose by 55 percent year-over-year to $ 369.9 million. The company now has 7 million members, and McCarthy has a long-term goal of reaching 100 million. "Our users are highly engaged, and our subscriber churn rate is less than 1 percent, which is the best I’ve seen," McCarthy, a former Netflix and Spotify executive, said.
McCarthy said the pricing changes could help the company deliver "roughly $ 40 million of incremental revenue monthly." The increased cost of the All-Access plan doesn't kick in until June 1st, but McCarthy says there's only been a small increase in user attrition and the move will generate an extra $ 14 million in revenue each month if that level of churn holds.
Cutting prices on some hardware models has led to a 69 percent increase in daily unit sales too. So far, that move has increased revenue by $ 25 million per month. The company also plans to keep testing a program that will combine an All-Access subscription plan with rentals of its equipment.
McCarthy noted that Peloton is revamping its workforce as it shifts from a hardware- to a software-focused company. The recent job cuts factor into the company's plan to increase annual run-rate savings to at least $ 800 million by its 2024 fiscal year. It also signed a binding commitment letter to borrow $ 750 million in five-year term debt from JP Morgan and Goldman Sachs.
Meanwhile, Peloton says more than half a million users have tried Lanebreak, its first , on Bike and Bike+. The company expects to lean "more into gaming content in response to the success of Lanebreak."
We found four things that we liked and four things we didn’t like during Samsung’s Unpacked February 2022 event.
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Having killed off Google Play Music and preparing to kick Cloud Print to the curb by December 31st, Google has found time to announce the upcoming demise of Android Things, its lightweight OS for smart displays and speakers that launched as Brillo back in 2015. Google will begin shutting down Android Things from January 5th, […]
Come comment on this article: Next up on Google’s kill list is Android Things
If you love watching influencers using and recommending products on Instagram or YouTube and then searching an online shop for that specific item, Google’s new Shoploop service aims to simplify the multitasking process by bringing it all together in a single app. Shoploop, from Google’s Area 120 section, is a video shopping platform for discovering, […]
Come comment on this article: Google’s Shoploop is a new way of being influenced to buy things you probably don’t need.
Warning: While we've tried to avoid any spoilers in this story, the following article does refer to scenes and themes throughout the season. When members of the Stranger Things cast visited The Tonight Show earlier this month, Jimmy Fallon asked the…
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Another year, another batch of stuff coming out of Mobile World Congress. Most of the major players in the smartphone industry show up to this event to show us what they have cooked up for the year, with pretty few exceptions. Apple doesn’t tend to do much at these events, and Samsung already unveiled their […]
Come comment on this article: These are the best things we’ve seen at MWC 2019
IFA has come and gone, and we’ve had a few weeks to settle in and collect our thoughts on everything that was shown off at the conference. It’s not always a mobile-heavy event, but that doesn’t mean you don’t see companies pull out some crazy phones and gadgets to bring us back in. We’ve sifted […]
Come comment on this article: Here are the coolest things we saw at IFA 2018
It’s always great to keep learning, and Stone River can help you do that in all things tech. Whether you’re interested in coding, design, 3D animation, game design, or something else, it’s most likely included in Stone River’s comprehensive 170 course library. All of those courses total around 2000 hours of content, and the bundle […]
Come comment on this article: [TA Deals] Learn all things tech with a hugely discounted Stone River eLearning membership
YouTube is proud to present G-Eazy’s “These Things Happened” — a new Artist Spotlight Story that depicts the Bay Area rapper’s journey from the anonymous street corners of Oakland to landing multiple chart-topping records and nearly 5 million YouTube channel subscribers.
Directed by Rob Semmer, Creative Director for FADER, “These Things Happened” takes viewers behind the scenes of G-Eazy’s amazing ascent to chart-topping rapper. The Spotlight Story mixes concert clips, backstage interviews, and documentary footage of the rapper’s hometown, including the street corners where he used to hand out mixtapes more than a decade ago. Today, G-Eazy boasts more than 3 billion views across YouTube, with his recent hit “No Limit” reaching as high as #3 on the YouTube Music U.S. Top 100 Tracks chart and #1 on Billboard’s Pop Songs chart.
“It didn’t work the traditional route until I got it popping on my own on YouTube,” the rapper says. “I’m forever grateful for the opportunity that was presented to an artist like myself.”
Born Gerald Earl Gillum in 1989, G-Eazy was raised by a working-class family in California’s Bay Area. As a teenager, he was inspired by the region’s burgeoning hyphy hip-hop sound, producing bedroom mixtapes, which he sold along Berkeley’s Telegraph Ave.
After years of self-released recordings and accompanying tours, including tour diaries posted to YouTube, G-Eazy had his breakthrough with “Been On.” The song is pure G-Eazy in that its tight lyrics flow over a hazy beat. The video was instantly iconic: a single slo-mo shot of the rapper smoking in black and white. The clip has tallied over 70 million YouTube views, and its success online helped break G-Eazy to the masses. A follow-up video, “Me, Myself & I,” featuring Bebe Rexha, landed a top 10 slot on the Billboard Hot 100.
G-Eazy’s latest LP, “The Beautiful & Damned,” reflects on the fame that he’s achieved since the album release. “These Things Happened” picks up at present day, staying by the rapper’s side as he promotes the album and plays shows in support of it. A record-signing event even takes him back to the Bay Area, where he meets fans at Berkeley’s Amoeba Records.
“I remember those shows in Berkeley at La Pena,” G-Eazy recalls. “We sold out La Pena with like 200 people. It’s not even a venue. They call it a cultural center. They booked me ‘cus no one in the Bay would book me.”
“These Things Happened” captivates in part because even in the La Pena days, G-Eazy was documenting himself, shooting footage, and uploading it to YouTube for his fans.
“If you’re not active on YouTube, if you’re not visible, if you’re not giving that window into your life at all, then you’re just disappearing,” he says.
For now, G-Eazy doesn’t have to worry. “These Things Happened” ends a few blocks from where it started. Back in New York, with G-Eazy all grown up, a star around the world. This time he gazes up again to see himself—and his YouTube channel—advertised in a new billboard high above the street.
“It’s the age of access,” says G-Eazy. “YouTube provides a peek into your life, into your world, into your process. You close that window for too long and you run the risk of losing your audience.”
“It’s an honor to partner with and help tell the story of an artist with such a clear vision,” said Lyor Cohen, Global Head of Music at YouTube. “It’s equally rewarding to work with a label like RCA that is so supportive in collaborating to propel G-Eazy and bring context to his journey.”
–YouTube Music Team
We haven't heard much about the next season of Stranger Things, but a rumor on Moviefone.com indicated that its directors, Ross and Matt Duffer, will be less involved after season three wraps up. This evening, Netflix tweeted "Rumors that the Duffer…
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Sure, Android Oreo just officially released and we’ve barely seen it on any devices, but what about Android P? Always look forward, never backward. There’s a pretty small leak in Google’s Chromium source code that hints at what’s to come in a newer Android update, and while it isn’t significant yet, it’s fun to get […]
Come comment on this article: Expect to see deeper Android Things and Chromecast integration with Android P
You want to learn coding — Python, Ruby, Angular, Java, and more. Don’t go scouring the web for lengthy, confusing tutorials. There’s something you can get on Talk Android Deals that takes you from no one to someone at your own pace. And it’s available at a price set by you. The Learn to Code […]
Come comment on this article: [TA Deals] Pay what you want for this bundle that teaches you all things coding
The 2017 flagship from Samsung finally works with Daydream, which is Google’s virtual reality platform. Move over, Oculus. Samsung is partnering with someone else to serve up immersive content on its phones. The plan to add the Galaxy S8 to the Daydream-ready family was put into motion at Google I/O 2017 in May. Now it’s […]
Come comment on this article: Your Samsung Galaxy S8 now works with the Daydream View for all things virtual reality
At last, Netflix is offering more than minuscule teasers for Stranger Things' second season. The service just premiered a full-length trailer for season 2, and it sheds much more light on what to expect. It reveals just how much Will is affected by t…
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According to a recent app teardown of the Google App, Assistant will soon be able to pay for things, allowing you to order items using only your voice. The move will bring Assistant into much more direct competition with Amazon Alexa.
The post You may soon be able to pay for things with Google Assistant appeared first on Digital Trends.
Apple Pay is Apple’s mobile payment service, one that lets you forgo the need to input 16-digit numbers and swipe a physical card. Here’s how to set it up on your iOS, MacOS, or WatchOS device, and where you can use it.
The post How to use Apple Pay to buy things in stores and online appeared first on Digital Trends.
Want Oprah’s O-pinion on a tech gift this year? She put a TV, headphones, and kitchen gadgets on her list of Oprah’s Favorite Things for 2016. Check out her tech picks here.
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Sony Pictures has announced that Shawn Levy will be directing the live-action movie version of Uncharted. If the name sounds familiar, Levy was the executive producer and director of Netflix hit Stranger Things, and while he'll still be involved in…
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Sketched out by Craigslist? Overwhelmed by eBay? Try Facebook instead. On Tuesday, the social media site expanded its functionality once again, and has now dipped its toe into the waters of digital commerce.
The post You can now buy and sell things on Facebook using its Marketplace feature appeared first on Digital Trends.
Passers-by are really going to wonder what you’re searching for online if you partake in fashion brand Ted Baker’s latest gambit. Partnering with Google, and linked to a “shoppable” short film made with Guy Ritchie, this is shopping like we’ve never seen it before.
The post Ted Baker and Google want you to say weird things in public, but it’s going to be worth it appeared first on Digital Trends.
Augmented World Expo this year was home to a ton of cool new gadgets and technologies. Here are a few of the coolest we saw at the show, from augmented reality glasses to fitness tracking wearables.
Like it or not, it looks like the Internet of Things is going to be more than an annoying buzzword or passing fad. The latest proof is that Bosch is offering an end-to-end environment to get your house communicating with the various devices and appli…
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The Tesla lighter uses electromagnetic induction to create an electric arc that can be used to spark a fire, instead of an open-flame lighter. Thanks to diametrical magnetization, the Tesla lighter increases the energy output compared to other arc lighters.
The post This ingenious new lighter ignites things with an electric arc, recharges with a few shakes appeared first on Digital Trends.
From seasons to octopuses and chocolate, environmental issues stand to impact the things we love. What if we could help change the way people discuss climate change, so that the issue and its consequences could become more relevant and tangible to people around the world?
Leading up to COP21, a conference which will bring leaders from around the world together to develop a global climate agreement, we’re encouraging the YouTube community to join the discussion by uploading their own videos that share their concerns about how environmental issues may impact the things they love. The conversation on YouTube will live through a simple hashtag: #OursToLose.
With the help of YouTube creators from around the world, including Casey Neistat (U.S.), Finn Harries (U.K.), Golden Moustache (France), Jamie Curry (New Zealand) and Flavia Calina (Brazil), we’re also encouraging people to show further support by signing the Avaaz petition, a campaign aimed at delivering clean energy worldwide by 2050.
Whether you’re questioning how global warming can impact your day-to-day life, curious about new sources of energy, or concerned about the melting Arctic, we hope that you share your ideas through #OursToLose videos to help make the climate conversation more accessible to people around the world.
The YouTube community can empower tremendous collaboration, advocacy, and creativity. Through #OursToLose, we hope to continue helping people to broadcast their message, empower their communities, and even catalyze a global movement to further action on climate change.
Marc Hertz, Programming Coordinator, recently watched “Misconceptions about Climate Change” and Aaron Taylor, Associate Product Marketing Manager, recently watched “What’s Possible: The UN Climate Summit Film.”