The present study examined the impact of trained peer feedback on Spanish as a second language (L2) in terms of language performance, nature of feedback, and perceptions of peer feedback in speaking tasks. Participants in the study included 17 intermediate L2 Spanish learners enrolled in a conversation course that incorporated peer feedback practices in a multiple draft-based approach to practice L2 speaking. Pre-intervention questionnaires, various drafts of learner speech samples, peers' written feedback, and post-intervention questionnaires were administered and analyzed. Although significant differences were not found in language performance across multiple speaking drafts, learners reported a positive learning value from the speaking multi-draft approach, which encouraged them to listen to their peers' speech samples and provide feedback. Moreover, the results show that learners provided affective types of feedback and ventured to contribute comments regarding language accuracy. The present study confirms previous findings about the value of peer feedback in L2 writing, all be it in a new context, speaking. The researchers attest to the learning value of the process approach in speaking, training interventions, and peer feedback, as they positively impact learners' self-efficacy in speaking.