The statement from the company Monday afternoon marked a less enthusiastic stance about the world's richest athlete than the company.
That's when a spokeswoman told The Associated Press the company would continue with Woods, whom she called "the best in his domain."
The luxury watchmaker's new statement Monday says that because of Woods' indefinite leave from golf, it is examining its long-term relationship with him.
The statement comes a day after consulting firm Accenture.
Additional Coverage of the Tiger Woods Scandal:
Gillette Shaves Tiger Woods From Its Ads
Questions Abound About Tiger's Golf Hiatus
Can Tiger's Marriage Be Saved?
Tiger Woods Taking Leave from Golf
Alleged Mistresses Have Troubled Pasts
Tiger Texts Show Weakness for Woman
Self-Proclaimed Woods Flame: Sorry, Elin
Tiger Woods' Woes Mount
Gatorade Drops Tiger Woods Drink