Weight Watchers is falling off a cliff

Weight Watcher Shares falling

Weight Watchers shares were down as much as 23% in pre-market trading on Friday after the company reported fourth-quarter results.

The firm reported a drop in active subscribers at a time when a celebrity endorsement from Oprah Winfrey was supposed to help increase active user numbers.

Weight Watchers recorded an adjusted loss per share of $0.03, missing its estimate for a two-cent gain, according to Bloomberg.

The number of active subscribers at the weight loss company declined by 4.8%.

Revenues totaled $259.2 million, better than two analysts’ estimates of $257 million.

Guidance for 2016 earnings was light, between $0.70 and $1, while analysts had estimated $0.81.

Oprah Winfrey purchased a 10% stake in the company and joined its board last quarter.

When the TV celebrity announced her position in the company its shared jumped by more than 100% in October. Shared jumped against on January 26 when Oprah announced that she lost 26 pounds using the system.

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While shares had their shining moments, Weight Watchers has lost 37% of its value since Oprah purchased her stake in the company.

Weight Watchers incurred a one-time expense of $8.3 million for Oprah’s partnership.

Weight Watchers shares down