Peloton Interactive Inc. reported a 23.6% fall in third-quarter revenue on Tuesday, battered by lower demand for its stationary exercise bikes and tread machines from fitness enthusiasts returning to gyms as pandemic curbs eased.

The company's shares tumbled 16.9% to $11.7 in trading before the bell.

Like many stay-at-home winners, the fitness equipment maker is grappling with plummeting demand. The company's market value has dropped to $4.69 billion from nearly $50 billion during the pandemic when its bikes and on-demand fitness content were lapped up.

The interactive fitness equipment maker's revenue fell to $964.3 million in the quarter from $1.26 billion a year earlier.

Peloton, in February, replaced its chief executive officer and has unveiled measures like price cuts for its equipment while focusing on its subscription plans to transform the company.

Net loss attributable to Class A and Class B shareholders widened to $757.1 million, or $2.27 per share, in the quarter ended March 31, from $8.6 million, or 3 cents per share, a year earlier.