Imax (IMAX) shares plummeted 6.23% during intraday trading on Friday, extending losses from pre-market weakness.

The sharp decline followed the company's release of mixed first-quarter results. While Imax reported adjusted earnings of $0.17 per diluted share, beating analysts' expectations of $0.15 and up from $0.13 a year earlier, revenue for the quarter fell to $81.4 million from $86.7 million in the prior-year period.

Adding to the negative sentiment, JPMorgan lowered its price target on Imax to $47 from $48, though the firm maintained its Overweight rating on the shares. Investors appeared to focus on the year-over-year revenue decline despite the earnings beat, leading to sustained selling pressure throughout the trading session.