Diamonds and Dogs
Peloton (PTON) gets a lift from the stay-in-place order. The popular home fitness company is up 13% to new highs thanks to a surge in new subscribers. Overall revenues rose 66% to $524.6 million. With gyms closed around the country, Peloton subscribers nearly doubled to just over 886,000 and total members rose to 2.6 million. Sales of its eponymous stationary bicycle, as well as other fitness gear, rose 61% to $420.2 million.
Grubhub (GRUB) struggling during the COVID-19 pandemic. The online food-ordering platform is down 14% even though the company beat expectations as sales rose 12% to $363 million. Grubhub said in April that while its business was trending higher for the first 10 weeks of the quarter, its sales suffered in mid-March. Chief Executive Matt Maloney did say that the company expects not to show profit in the second quarter as it spends to drive more business.More competition has not been good for Grubhub during this downturn.
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