Oprah Winfrey’s influence is being called into question today after Weight Watchers’ shares plunged today when the company announced a $11 million loss during the previous quarter.
According to CNNMoney, shares for the weight loss brand fell 30 percent. Sales, subscribers and meeting attendance all fell during the company’s last fiscal quarter.The stock is 50 percent down this past year and 60 percent below the high mark it reached in November after Winfrey took a 10 percent stake in the company in October.
The value of Winfrey’s stake dropped by $27 million on Friday, CNN reports. However, she has raked in $30 million in profit since October, so she’s still well off.
Despite the results, Weight Watchers CEO James Chambers tried to sound positive, noting that Winfrey has just started contributing to the company.
“We're just scratching the surface of the potential engagement opportunities between members and Oprah,” Chambers told analysts on Feb. 25, reports CNN. “Behind the scenes, Oprah is equally as involved as a board member and adviser.”
Winfrey said in January that she has lost 26 pounds on Weight Watchers and she’s appeared in ads to talk about how happy she is that she can eat bread on the diet.