Herbalife Ltd. (NYSE:HLF) closed $67.48 per share, but the stock price of the company plummeted more than 11% to $59.83 per share during the extended hours trading around 5:34 in the afternoon in New York today.

The shares of the multilevel marketing company (MLM) that sells weight loss products declined significantly after reporting its second-quarter earnings that missed the expectations of Wall Street analysts.

Second-quarter financial results

Herbalife Ltd (NYSE:HLF) reported adjusted net income $141.4 million or $1.55 in earnings per share on $1.3 billion in revenue for the second quarter. During the year-ago quarter, the company recorded $143.2 million adjusted net income or $1.34 in earning per share on $1.21 billion in revenue.

Wall Street analysts expected Herbalife Ltd. (NYSE:HLF) to deliver $1.57 in earnings per share on $1.4 billion in revenue for the second quarter.

Although the Herbalife failed to meet the expectations of analysts, its CEO Michael Johnson stated that the company “delivered strong results in sales in sales and profitability” while showing their continued ability to enhance earnings per share.” Johnson added its performance is a “testament to the enthusiasm of its millions of customers and members for its products.”

Herbalife Ltd. (NYSE:HLF) ended the second-quarter with $156.9 million cash flow from operations and $39.6 million in capital expenditures. During the quarter, the company repurchased $581.3 million worth of its common stock

Herbalife reduces sales outlook

Herbalife Ltd. (NYSE:HLF) reduced its full-year 2014 sales outlook. The company previously raised its sales forecast. The company currently expects its sales to grow by 8.5% to 10.5% this year, down from its previous forecast of 10% to 12% sales growth

Herbalife Ltd. (NYSE:HLF) revised its earnings estimate in the range of $6.17 to $6.32 per share from $6.10 to $6.30 per share.

Ackman’s latest attack failed to knockout Herbalife

Activist investor, Bill Ackman continues to accuse Herbalife Ltd. (NYSE:HLF) of operating a pyramid scheme. Last week, his latest presentation that was supposed to bring the company to its collapse failed. After his presentation, the stock surged instead of going downwards.

At the time, Herbalife said, “Ackman over-promised and unde-delivered on his $1 billion bet against the company.”