What a difference two weeks makes.A fortnight ago Peloton, the bn creator of the exercise bike that doubles up as an investment banking bonus, announced its first quarter results. And, like many of the working from home winners post reopening, the numbers weren’t great. Both revenue and loss-per-share missed estimates, and it slashed its revenue forecast by bn due to a “more pronounced tapering of demand” (corporate speak for “the boom is over”). The shares are down 45 per cent since. There was another, more immediate, worry in the results. Peloton’s free cash burn came in at 4m and as it only had 4m of cash and securities at quarter end. It looked to us like the company might need to dip its toe back into the capital markets pronto before liquidity got tight.So it
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What a difference two weeks makes.
A fortnight ago Peloton, the $15bn creator of...