Peloton’s CEO John Foley says that the company is “prioritizing growth over profitability right now.” Here’s when he expects Peloton to be profitable.
Peloton Interactive co-founder and CEO John Foley told CNBC that he hopes to see "some momentum" in the company's stock in its market debut on Thursday.
"I don't know whether I'm allowed to say that," he joked, and then added, "I feel like we weren't greedy."at $29 per share, the top of its original range between $26 and $29. The offering raised $1.16 billion, valuing the company at $8.1 billion." on Thursday morning, referring to the stock price. Peloton expects profitability in fiscal 2023, Foley said, adding that investors should be focusing on growth over the next two quarters.
Foley sees the costs to build the business as "investments," stressing that "we're in investment mode" and "prioritizing growth over profitability."
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