Peloton shares rose more than 26% on Wednesday after reporting better-than-expected Q2 FY2023 earnings.  The connected fitness company generated $792.7M in total revenue, down 30% from a year ago but up 29% from the previous quarter. Peloton narrowed its net loss to $335.4M from $439.4M posted last year and $408.5M from the previous quarter. Peloton's subscription revenue surpassed its connected fitness products revenue for the third straight quarter, coming in at $411.3M, up 22% YoY. Connected Fitness Products' revenue was $381.4M, down 52% YoY. The company narrowed its gross margin for its connected fitness products from negative 27.2% in the previous quarter to negative 11.2%. Its subscription gross margin was 67.6%, and total gross margin was 29.7%. Peloton reported 6.7 million members and 3.03 million connected fitness subscriptions, up 10% YoY. Peloton expects Q3 FY2023 sales to fall between $690M and $715M and a total gross margin of 39%. The company expects its connected fitness subscription to be between 3.08 million and 3.09 million. Peloton shares closed at $16.36, up ~26.5% for the day; the company is up more than 100% YTD.