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WW International, Inc. (NASDAQ:WW) shares are sinking Thursday after the company posted worse-than-expected second-quarter results.
The Details:
WW reported quarterly losses of 13 cents per share, missing the Street estimate of earnings of 1 cent. Quarterly sales also came in below estimates at $202.1 million. WW ended the period with 3.8 million subscribers, including 81,000 clinical subscribers.
The company also announced a restructuring plan that is expected to result in $100 million of annual run-rate cost savings related to strategic streamlining of the company’s operational structure to optimize its clinical and behavioral product portfolio.
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“WeightWatchers has the right strategy to return the business to growth. With a rapidly changing landscape, we are taking decisive actions to navigate through this environment and completely reimagining how we operate,” said Sima Sistani, WW’s CEO.
Outlook:
WW International cut its full-year revenue forecast from between $830 million and $860 million to be at least $770 million, versus the estimate of $841.835 million for the year.
When trying to assess whether or not WW International will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $6 on WW International. In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering WW International have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. WW International is 88.77% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about WW International, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
WW Price Action: According to Benzinga Pro, WW shares are falling on above-average volume following the print, and the stock is down more than 85% year-to-date. WW shares are down 15% at 90 cents at the time of publication Thursday.
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Image: Mediamodifier from Pixabay
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