After Peloton Interactive, Inc. (PTON, Financial) beat first-quarter estimates and revealed Ford executive Peter Stern as its new CEO and president, premarket trading Thursday saw a 22% spike in shares of the fitness company. The corporation posted a net loss of just $1 million, a notable improvement from a $159 million deficit the previous year and far less than analysts' projected loss of $51.7 million. Revenue for the quarter exceeded estimates at $586 million.
Currently heading Ford Integrated Services and formerly in a top post at Apple (AAPL), Stern is scheduled to join Peloton on January 1, 2025. Citing Stern's experience in the technology and health industries, Peloton chair Jay Hoag said, "Peter is a seasoned strategist with a track record of driving sustainable growth through innovation; we have every confidence in his ability to lead Peloton during this important time." Since May, Peloton had been looking for a new CEO after Barry McCarthy left and the board started a comprehensive hunt for his replacement. Peloton shares had increased almost 9% YTD before Thursday's rise.
