In the wake of its fourth-quarter report before the Thursday market opened, Peloton Interactive Inc ( PTON ) shares experienced a nearly 10% surge in pre-market trading on Thursday. The company’s slight sales increase and reduced losses sparked this uptick.

What Happened: After former CEO Barry McCarthy’s departure, Peloton, now managed by two board members, reported a 0.2% sales growth in its fiscal fourth quarter. This is the first instance of year-over-year revenue growth since the 2021 holiday quarter.

The company’s quarterly losses dropped to $30.5 million from $241.1 million compared to the same period last year while its sales rose to $643.6 million, up from $642.1 million a year earlier and exceeding analyst expectations of $630.48 million, according to data from Benzinga Pro

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Peloton said that its restructuring plan, which included a 15% reduction in its global workforce, is beginning to bear fruit. In a letter to investors, Peloton said that the search for the next CEO is top of mind for all stakeholders.

However, the company’s outlook for the first quarter of FY25 has been tempered by uncertainties surrounding the efficient growth of its Paid Connected Fitness and Paid App, along with the assumption that investments in new initiatives will not deliver subscriber growth within the fiscal year.

Hence, the company estimated the revenue for next quarter to range between $560 million and $580 million while adjusted EBITDA has been estimated to be around $50 and $60, compared to the current quarter’s $70.3.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari