BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
November 16, 2020
Strava raises $110 million, touts growth rate of 2 million new users per month in 2020
The Series F round was led by TCV and Sequoia, and including participation by Dragoneer group, Madrone Capital Partners, Jackson Square Ventures and Go4it Capital. The funding will be used to propel the development of new features, and expand the company’s reach to cover even more users. Tech Crunch
November 11, 2020
Defamation suit against USA Cycling dismissed
A federal judge has dismissed former congressional candidate and Olympic gold medal cyclist Marty Nothstein’s lawsuit against the sport’s governing body over its disclosure of a sexual misconduct allegation against him. Nothstein alleged USA Cycling damaged his reputation and invaded his privacy by placing him on a list of cyclists...
November 10, 2020
Peloton, Beyoncé Ink Multi-Year Content Partnership
Connected fitness company Peloton and 24-time Grammy award-winning singer Beyoncé have a multi-year content partnership that includes elements to honor Historically Black Colleges and Universities. The first initiative between the parties is a series of classes to commemorate “homecoming season,” the annual fall tradition at HBCUs. Read more on Front...
November 10, 2020
Adidas Earnings Recover in Q3, But Lockdowns Could Affect Outlook
The German-based sportswear company reported that income for the three months ending Sept. 30 was $683 million down from $761.5 million a year earlier. Revenues in Q3 decreased 7% to $7.04 billion; Q2 revenue decreased 34%. In the first nine months of 2020, revenues decreased 18% on a currency-neutral basis....
November 9, 2020
Dorel Sports reports continued growth, new pandemic wave expected to impact Q4
Dorel Sports has seen its sixth consecutive quarter of revenue growth, with third-quarter revenue at $305.6 million, an increase of 22.1%. Read more on BikeBiz.
November 9, 2020
Peloton and some bike stocks trade down on vaccine news
Major stock indexes soared Monday, apparently on Pfizer's announcement before markets opened in New York that its COVID-19 vaccine candidate was achieving 90% effectiveness in trials. However, some bike-related stocks that have been booming during the pandemic were trading down on the news. Peloton, Fox Factory, Dorel, GoPro, Vista Outdoor and Garmin. Read...
November 5, 2020
Peloton Nets Another Bump in Revenues, Subscribers
Peloton’s drive for two million subscribers by next fall for its connected bikes and treadmills is ahead of schedule, reporting a gain of another 240,0000 users after markets closed on Nov. 5. Peloton reported revenues of $757.9 million for its first fiscal quarter, a 20% increase over last quarter and...
November 5, 2020
Wolverine Eyes Market Share Gains At Saucony And Merrell Amid Pandemic
In the third quarter ended Sept. 26, revenues declined 14.1% to $493.1 million due to the pandemic’s ongoing impact. On a constant-currency basis, revenue was down 14.6%. Net earnings fell 55.3% to $21.7 million. Reported operating margin was 8.6% compared to 11.9% in the prior year. Adjusted operating margin was...
November 4, 2020
Fitbit’s Q3 Revenues Expand 5 Percent
Fitbit Inc., which reached an agreement to be acquired by Google, reduced its loss in the third quarter as sales grew 4.8%. Revenue reached $363.9 million against $347.2 million a year ago. The net loss shrunk to $54.5 million, or 20 cents a share, from $51.9 million, or 52 cents,...
November 3, 2020
The 50 Best Places to Work in 2020
Work life got turned upside down this year, and many people are just thankful they have any job at all. But some companies have gone above and beyond to not just survive, but thrive. Outside lists the 50 places which topped the list.