People Are Going Back to Gyms, Peloton Shares Plummet 33% The Peloton craze may be waning, marking a shift in consumer behavior.

The pandemic-fueled craze of the Peloton bike may be at its end after a letter to shareholders revealed a challenging first quarter.

On Thursday, Peloton disappointed investors by reporting a 17% year-over-year decline within its connected fitness products, which include the company's treadmill and bike. Overall revenue only grew 6%, which was still below analysts' expectations.

Related: 8 Reasons why Popularity of Gyms is Increasing Exponentially

The company lowered its forecast for 2022, as it predicts "a more pronounced tapering of demand related to the ongoing opening of the economy." Peloton shares dropped by as much as 33% after the report.

"As discussed last quarter, we anticipated fiscal 2022 would be a very challenging year to forecast, given unusual year-ago comparisons, demand uncertainty amidst re-opening economies, and widely-reported supply chain constraints and commodity cost pressures," Peloton wrote in its report. "Although we are pleased to have delivered first quarter results that modestly exceeded our guidance, a softer than anticipated start to Q2 and challenged visibility into our near-term operating performance is leading us to recalibrate our fiscal year outlook."

Part of the reopening impact includes the return to gyms. Membership gym Planet Fitness's stock rose 12% Thursday after reporting its earnings report, with its membership levels hitting 15 million. For context, the gym's pre-pandemic peak hit 15.5 million members.

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