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Peloton quarterly revenue tumbles on weak demand, shares plunge

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© Reuters. FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, September 26, 2019. REUTERS/Shannon Stapleton

(Reuters) -Peloton Interactive Inc reported a 23.6% fall in third-quarter revenue on Tuesday, battered by lower demand for its stationary exercise bikes and tread machines from fitness enthusiasts returning to gyms as pandemic curbs eased.

The company’s shares tumbled 16.9% to $11.7 in trading before the bell.

Like many stay-at-home winners, the fitness equipment maker is grappling with plummeting demand. The company’s market value has dropped to $4.69 billion from nearly $50 billion during the pandemic when its bikes and on-demand fitness content were lapped up.

The interactive fitness equipment maker’s revenue fell to $964.3 million in the quarter from $1.26 billion a year earlier.

Peloton (NASDAQ:PTON), in February, replaced its chief executive officer and has unveiled measures like price cuts for its equipment while focusing on its subscription plans to transform the company.

Net loss attributable to Class A and Class B shareholders widened to $757.1 million, or $2.27 per share, in the quarter ended March 31, from $8.6 million, or 3 cents per share, a year earlier.

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Tencent Music Reports Q1 Miss, Revenues Down 15.1%

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© Reuters. Tencent Music (TME) Tencent Music Reports Q1 Miss, Revenues Down 15.1%

Tencent Music Entertainment Group (NYSE:TME) reported its Q1 results, with EPS of $0.06 coming in worse than the consensus estimate of $0.07. Total revenues declined 15.1% year-over-year to $1.05 billion, missing the consensus estimate of $1.23 billion, due to the headwinds in an evolving market landscape.

Revenues from online music services in Q1 were down 4.8% to $413 million. Revenues from music subscriptions grew 17.8% year-over-year to $314 million, with online music paying users reaching 80.2 million (up 31.7% year-over-year) and paying ratio increasing to 13.3% from 12.4% and 9.9% in Q4 and Q1/21, respectively.

Revenues from social entertainment services and others in Q1 were down 20.6% to $635 million.

Shares of Tencent Music were down 40% year-to-date into the results.

By Davit Kirakosyan

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Rivian Automotive CEO Purchases $1 Million Worth of Stock

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© Reuters Rivian Automotive CEO Purchases $1 Million Worth of Stock

According to SEC Form 4, on May 16, Robert Scaringe, the CEO of Rivian Automotive Inc (NASDAQ:RIVN), purchased 41,000 shares of the company’s Class A common stock at an average price of $25.7772. The total amount of purchased shares is approximately $1.05 million.

Following the purchase, Scaringe owns 169,175 shares directly, 4,337,997 through a trust and 4,595 by LLC.

Shares of Rivian are down 76% year-to-date given the correction in high-multiple stocks and supply chain issues faced by the EV maker.

By Davit Kirakosyan

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Buffett-backed Nubank swings to profit on strong client base, loan volumes

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© Reuters. FILE PHOTO: A banner for Nubank, the Brazilian FinTech startup, hangs on the facade at the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York, U.S., December 9, 2021. REUTERS/Brendan McDermid

(Reuters) – Nubank swung to a profit for the first quarter and reported record-high revenue as Latin America’s most valuable fintech benefited from strong growth in its loan book and clients.

The Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) said on Monday its revenue more than tripled to $877.2 million, driven by a record-high activity rate.

This is Nubank’s second set of results since listing in December.

According to analysts, the digital bank is well-positioned to weather an ongoing deterioration in credit quality in Brazil as its portfolio skews heavily toward low-risk, low-yielding credit card receivables.

The company added 5.7 million new clients and said its average revenue per active client grew to $6.7, up 63% from the previous quarter.

It posted an adjusted net income of $10 million for the quarter, compared with an adjusted loss of $11.9 million a year earlier.

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