The show relaunched just two weeks earlier, and has gone up against ITV’s Loose Women, which peaked at a million viewers on the same day.
“ITV were always confident the Loose Women would see off their competition – and in fact their numbers keep going up.”
Channel 4 said that Tuesday's show averaged around 87,000 viewers overall as it pledged to give the show time to increase its audience.
A spokesperson for the show said: "On Tuesday Steph’s Packed Lunch attracted 204,000 viewers at its peak.
"Daytime shows always take time to build their audience, Steph has brought a blast of energy to our daytime line-up and we’re delighted with the live shows the team has produced.”
The former BBC Breakfast star, 38, previously told The Mirror she only had herself to blame if it failed.
She said: “Of course I’m nervous. I’ve started having the dreams now where I’m like, what if guests don’t turn up or what if they all start swearing on air.
"But I don’t know, that’s also why I love it. I’m an adrenaline junkie. I’m someone who loves live telly and pushing myself.
“But yeah, when your name’s on the tin, there’s no one else to blame if it’s rubbish. If it’s rubbish, it’s my fault.”