Peloton halted hiring across all departments effective immediately during an all-hands meeting on Friday, CNBC has learned, a day after after it slashed its full-year outlookIts momentum is slowing down for fitness products.

It was not immediately known how long the hiring freeze would last.

CNBC did not immediately get a response from a spokesperson for Peloton.

Peloton’s management team hinted at analysts on Thursday during a conference phone call that they would make cost reductions in the near future to align with slow revenue growth and its user base.

“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 on the call.

Peloton stock fell 35% by Friday’s market close, wiping away more than $9Billion of its market capitalization. The shares have dropped 63% over the past year.

In 2020, the company experienced rapid growth as more people opted to live at-home during the pandemic. Peloton made significant investments to satisfy that demand. It acquired PrecorFor $420 Million, a second manufacturer of fitness equipment, is.To speed up international deliveries, it also heavily invested in air freight. The company has increased its marketing effort to market the Bike, which it now sells at 20% off, and the Tread treadmill.

However, more people are returning to the gyms. Planet FitnessOr, you may decide to buy another home fitness system like Hydrow or Tonal.Peloton is working hard to adjust for the future.

Peloton was on an unprecedented hiring spree. According to the annual filings, Peloton had 6,743 employees in the United States by June 30. This is more than twice the 3,281 workers it employed a year ago.