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Peloton instructor. Image: Peloton

The Peloton slowdown is here, new financials show.

Why it matters: Few benefited from the at-home fitness phenomenon ushered in by the pandemic like Peloton.

  • If (or when) the boom times taper off might be a key indicator of whether the colossal workout economy underwent a permanent shift.
Data: Company filings. Chart: Axios Visuals

What’s new: Peloton’s connected fitness subscribers — people who own a bike and pay a monthly fee for classes — jumped to 2.3 million.

  • But check out the chart above. For the first time since the pandemic, the number of users added during the quarter slowed.
  • And those subscribers worked out less: an average of 20 times per month last quarter — a drop-off from the same time a year ago (roughly 25 rides), when people were more likely to be stuck at home.

But, but, but: Results got hit by a recall of its treadmill product that put sales on hold — a key reason the company lost money last quarter. Sales resume next week.

  • Of note: It's slashing the price of its cheapest spin bike again by $400 to $1,495.

Flashback: Peloton saw unprecedented (and likely unrepeatable) demand for its equipment and classes as the economy locked down, shuttering gyms.

  • “The past year represented an inflection point for the connected fitness industry, with significant increases in awareness and demand,” CEO John Foley said in a release.

What to watch: Popular gym chain Planet Fitness said this month it's recouped 75% of members lost during the height of the pandemic, a sign that gyms aren’t dead.

Go deeper

Philadelphia's housing market remains highly competitive

Illustration: Sarah Grillo/Axios

Philadelphia's housing market cooled slightly in this fiscal year's second quarter, but it remains ultra-competitive thanks to low supply fueling aggressive price increases.

Why it matters: Housing price growth continues to exceed household income growth, which Drexel University economist Kevin Gillen writes could indicate that "more homes are becoming less affordable (or even unaffordable) to an increasing number of Philadelphians."

Updated 2 hours ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.

3 hours ago - World

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne spent longer under lockdown than "any other city in the world" during the pandemic, Reuters notes.