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Weight Watchers shares fell by as much as 10% in after-hours trading on Thursday after the company reported second-quarter revenue that was short of analysts' estimates.
The weight-loss-assistance company said it earned $310 million, but analysts were expecting $319 million according to Bloomberg.
Adjusted earnings per share matched forecasts at $0.46.
Weight Watchers said its number of subscribers rose 5% year-on-year during the quarter. Gains were strong in North America, but a slowdown in the UK and continental Europe dragged down the total number of members.
In October 2015, Oprah Winfrey bought a stake in the company and joined its board. That lifted the shares by more than 100% in a single day, and was expected to address a decline in active memberships and sales amid increased competition.
The so-called Oprah effect has slowed a decline in sales in the two quarters since the October announcement. Net revenues were flat year-on-year in the second quarter.
The company's shares had dropped 50% this year through Thursday's close. This chart shows the drop in after-hours trading:
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