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Shares of Weight Watchers Parent Slump After Third-Quarter Report

Shares of WW International (WW) fell double digits in after-hours trading after the operator of the Weight Watchers program reported third-quarter net income fell 32% on 4.7% lower revenue.

The New York company earned 68 cents a share in the quarter, compared with $1 in the year-earlier quarter. Revenue fell to $348.6 million from $365.8 million.

Analysts surveyed by FactSet were expecting net income of 65 cents a share, or an adjusted 66 cents, on revenue of $352.7 million.

At the end of the quarter WW had 4.4 million subscribers, up 5.7% from 4.2 million a year earlier.

The company guided investors and analysts toward full-year earnings ranging from $1.63 to $1.75 a share. That’s up from its previous estimate of $1.55 to $1.70. WW reiterated its estimate of full-year revenue of at least $1.4 billion.

The FactSet-derived survey was looking for 2019 earnings of $1.66 on revenue of $1.42 billion.

WW shares were trading after hours down 13%. They finished the regular session up 3.8% at $37.51.