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Additionally, popular television host and actress Oprah Winfrey announced that she was leaving the board. He also wants to donate his shares.
Shares of WW International, as the company is formally known, have been under pressure since the autumn. Investors are wondering what the growing popularity of weight-loss pills like Ozempic or Wegowy will mean for the future of WeightWatchers’ classic diet business. On Thursday, the price fell nearly 18 percent to $3.12.
Winfrey has been an ambassador for WeightWatchers for years. But in an interview with People magazine in December, he said that although the company continues to add points to various foods based on his diet pattern, he now also uses weight-loss medications to prevent the yo-yo effect.
WeightWatchers is also trying to join the trend for weight loss medications with its WW Clinic offering. Members can receive their prescribed medications through the telemedicine platform.
Winfrey is WW’s largest individual shareholder, with a 1.43 percent stake, financial service Bloomberg wrote. He announced that he would donate his shares to the Museum of African American History and Culture.
Winfrey has been on WeightWatchers’ Board of Directors since 2015. He wants to resign at the annual general meeting in May, but will continue to cooperate with the company. WeightWatchers emphasized that this move was not due to disputes or any actions by the company.
Last quarter, WeightWatchers’ revenue fell 7.6 percent year over year to $206 million. Net loss increased to $88 million from $35.8 million a year earlier. The number of subscribers dropped from 4 million to 3.8 million in three months. At WW Clinic, attendance increased from 45,000 to 67,000 during this time.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
