The Beachbody Company Inc. (BODY) shares plummeted 19.91% in after-hours on Monday, November 15, 2021, and closed the Monday trading at $3.70. Even in the regular trading session of Monday, BODY’s stock lost 3.14%. BODY shares have moved down 7.60% in the past week. Over the past three months, the stock has lost 41.22%, while over the past six months, it has declined 53.57%.
Let’s see what’s going on recently with the company?
BODY latest development
On November 15, 2021, The Beachbody Company, Inc. (BODY) released financial results for its third quarter, which ended September 30, 2021.
Q3 2021 financial highlights
- BODY reported revenue of $208.1 million for Q3 2021 compared to $251.5 million in Q3 2020.
- The total cost of revenue was $73.06 million in Q3 2021, compared to $70.9 million in Q3 2020.
- Total operating expenses were $206.8 million compared to $162.7 million in Q3 2020.
- It suffered a net loss of $39.9 million in Q3 2021, compared to a net income of $13.8 million in Q3 2020.
- Adjusted EBITDA was $43.4 million in Q3 2021 compared to $31.4 million in Q3 2020.
FY 2021 financial outlook
For FY 2021, The Beachbody Company is expecting,
- Total revenue in the range of $820.0 million to $830.0 million.
- Adjusted EBITDA in the range of $110.0) million to $100.0 million.
BODY’s new Appointments
On November 1, 2021, The Beachbody Company, Inc. (BODY) appointed Jean-Michel Fournier as President, Global Partnerships and Corporate Development, which is a newly created role. Fournier will report to Co-Founder, Chairman, and Chief Executive Officer Carl Daikeler.
Earlier on October 4, 2021, The Company appointed Blake Bilstad as Chief Legal Officer and Corporate Secretary of the Company. As Chief Legal Officer, Bilstad will serve as a key member of Beachbody’s leadership team.
BODY launched premium subscription BODi
On October 19, 2021, The Beachbody Company Group, LLC (BODY) launched its live interactive premium subscription tier, Beachbody on Demand Interactive (BODi).
BODi enhances the at-home experience with unique personalization and live interaction between members and trainers. BODi will offer music, featuring popular hits from the original artists, designed to create engaging workouts, in a partnership with Feed.fm.
BODY participation in the recent event
The Beachbody Company, Inc. (BODY) recently participated in the Cowen 2nd Annual Health, Wellness & Beauty Summit, which was held on Monday, September 13, 2021.
The company was presented by Co-Founder, Chairman, and Chief Executive Officer, Carl Daikeler, and President and Chief Financial Officer Sue Collyns during the event.
Conclusion
BODY stock plummeted after it reported Q3 financial results which missed the revenue estimates and the company suffered a loss as well. Its share price can further go down on Tuesday.
