WW, 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.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 46 cents, adjusted, vs. 60 cents expected
- Revenue: $330 million vs. $347 million expected
WW reported adjusted fourth-quarter earnings of 46 cents per share, falling well short of the 60 cents per share analysts polled by Refinitiv had expected. Sales reached $330 million, also coming in below the $347 million Wall Street had expected.
For 2019, WW said it expects to generate about $1.4 billion in revenue. Analysts polled by Refinitiv had been predicting $1.66 billion in sales for the year.
"While we are proud of our accomplishments in 2018, we had a soft start to 2019 versus last year's strong performance with the launch of WW Freestyle," CEO Mindy Grossman said in a statement. "Given our Winter Campaign did not recruit as expected, we have been focused on improving member recruitment trends. We quickly moved to course correct, including introducing new creative with a stronger call-to-action and further optimizing our media mix."
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