Peloton Recalled All of Their Treadmills and Uber Reported Q1 Results
Peloton is a very popular company in the stock market. They specialize in creating fitness products globally, such as indoor bikes and treadmills, which was very useful during the COVID-19 pandemic as gyms were often closed.
On Wednesday, Peloton announced a recall on their treadmill, the Tread+. This came after the U.S Consumer Product Safety Commission bashed the treadmill, citing multiple injuries and the death of a child. Peloton initially refused to, but decided to go through with a recall, with CEO John Foley saying that Peloton made a major mistake by delaying the recall. There are currently more than 100,000 Tread+ machines throughout the US that will be affected by the recall, putting Peloton in a tricky situation.
The stock did not respond well, down 14.56% on Wednesday to $82.62.
Uber is one of the more unique companies in the market. It offers a ridesharing service through a seamless app that revolutionized the calling of a cab. Uber is headquartered in Silicon Valley, and they have a market cap of $95.571 billion.
Uber reported their 2021 first quarter earnings, and they were quite interesting. Analysts expected a loss of 60 cents per share, and Uber beat it with a meager loss of 6 cents per share. Uber cleaned up their costs, and a key part of the report was their platform of Uber Eats, an application that serves as food delivery. The delivery revenue was up 28 percent from the last quarter, and bookings increased by 166 percent.
Uber fell after hours, down 4.32 percent to $48.99.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.