(CNN) Oprah Winfrey famously proclaimed "I love bread!" in a Weight Watchers commercial three years ago. But carbs aren't cutting it for the company anymore.
Shares of WW (WTW) — Weight Watchers' new name — closed down 34% on Wednesday after the company shocked Wall Street with poor earnings and sales. The stock rebounded a bit Thursday morning, rising 8%.
CEO Mindy Grossman attributed the problem to the keto diet, a popular eating regimen that makes bread and other carbs taboo. She said during a call with analysts Tuesday that keto is "becoming a cultural mean," and she even called it a "keto surge."
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