A Peloton stationary bike sits on display at one of the fitness company's studios on Dec. 4, 2019, in New York City. Scott Heins/Getty Images

Peloton stock crashed by more than 35 percent on Friday following the company’s reports of its declining sales and loss in its first fiscal quarter. The company slashed its full-year outlook as its products continue to lose their momentum.

Peloton flourished during the pandemic, as they recorded their only profitable quarters as consumers were unable to go to in-person gyms, conveniently preparing at-home workout areas. Sales for their treadmills and bikes skyrocketed as a result.

However, with gyms around the country finally reopening, consumers are choosing to head back. The fitness company stated that it anticipates their subscriptions to fall 6% and undergo losses in 2022 of between $425 million and $475 million.

The company also announced on Friday that they would freeze hiring across all departments, effective immediately.

"Some of these identified areas of savings include making significant adjustments to our hiring plans across the company, optimizing marketing spend and limiting showroom development...,” chief financial officer Jill Woodworth said.

Peloton has lost more than $9 billion from its market value following its stock crash, with shares falling around 63% to date.