Weight Watchers' earnings fell far short of what investors were expecting, and the company's stock plunged nearly 30% during after-hours trading
New York WW, the company that was known for years as Weight Watchers, is trying to"course correct" after some business blunders left Wall Street severely disappointed.The company's stock plunged as much as 28% during after-hours trading Tuesday after WW posted its latest earnings report. Its profits were well below what investors were expecting.WW is in the middle of a campaign to rebrand as a wellness company after spending decades as the biggest name in weight loss programs.
"While we are disappointed with our start to 2019, we are confident that our strategy to focus on providing holistic wellness solutions leveraging our best-in-class weight management program is the right path to support long-term sustainable growth," Grossman said.Read MoreWW's struggles have been bad news for spokesperson Oprah Winfrey: She owns more than 8% of WW's shares. Her stake has shed well over half its value over the past year.
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WW, formerly Weight Watchers, craters 28 percent after posting weak 4Q results and 2019 forecastWW, formerly known as Weight Watchers, shares cratered 28 percent Tuesday after the company posted disappointing fourth-quarter results and gave a weak 2019 forecast as the company tries to pivot to a wellness company from a diet brand.
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Weight Watchers stock plummets more than 30% after earnings show mixed results, weak guidance
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Oprah Winfrey's stake in Weight Watchers falls by $48 million after shares crater 30 percentAs of Tuesday's close, Winfrey's stake in Weight Watchers was valued at $160.18 million. It dropped by $45.7 million in a matter of minutes after the company reported disappointing earnings.
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