Peloton CEO thinks losing $1.2 billion is a sign of ‘substantial progress’

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Pelton Bike Plus in an apartment
You gotta love the spin. | Photo by Amelia Holowaty Krales / The Verge

Peloton’s numbers don’t look great. In its Q4 2022 earnings release this morning, the company reported a $1.2 billion operating loss, a 28 percent revenue drop, a membership decline, and a monthly subscriber churn exceeding 1 percent for the first time in a long while. (Perhaps ever?) And that’s just the tip of the iceberg. In a nutshell, losses were greater than both Peloton and investors had anticipated.

And yet, Peloton CEO Barry McCarthy would have you believe the numbers actually paint a picture of “substantial progress” and the true start of Peloton’s comeback story.

“The naysayers will look at our Q4 financial performance and see a melting pot of declining revenue, negative gross margin, and deeper operating losses. They will say...

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