Peloton Interactive Inc. said sales more than doubled in the most recent quarter as wait times for the company’s connected exercise bikes returned to pre-pandemic levels.
The company earlier this year started shipping exercise equipment by air and delayed the launch of a much-anticipated new treadmill as it sought to remedy extreme delivery delays.
The results come a day after the Peloton, known primarily for its connected exercise bikes, announced a recall of its Tread+ treadmills. Chief Executive John Foley on Wednesday apologized for the company’s initial refusal to comply with federal safety regulators who said the machines are unsafe in homes with children or pets and pushed for a recall.
Revenue for the quarter rose to $1.26 billion, up from $524.6 million a year earlier, as demand for remote workout classes and at-home fitness gear continues to surge during the pandemic. Peloton swung to a loss following three consecutive quarters of posting a profit.
Peloton said the number of people subscribing to its remote fitness classes reached 2.08 million in the quarter ended March 31, an indicator of demand for its stationary bicycles and treadmills. The tally stood at 1.67 million at the end of December.
