Peloton reported its first sales increase in nine quarters, reflecting successful turnaround efforts that sent its shares surging as much as 41%.
Despite a modest 0.2% rise in sales for the fourth quarter, it's significant since it occurred during typically slow summer months when outdoor workouts are common.
Barry McCarthy, who recently stepped down as CEO, focused on increasing the subscriber base through app offerings and partnerships, significantly impacting Peloton's sales recovery.
The company undertook a broad restructuring plan that cut jobs, closed retail outlets, and refinanced debt, thus managing to tread water longer amidst challenging market conditions.
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