Shares of Concentrix Corp (CNXC) plummeted 16.65% in pre-market trading on Tuesday following the release of its first-quarter financial results.

The sharp decline came after the company reported first-quarter adjusted earnings per share of $2.61, which fell short of the IBES estimate of $2.65. While Concentrix posted revenue of $2,500.4 million, beating the estimate of $2,492 million, investors focused on the earnings miss.

The company's results were highly anticipated, as it was scheduled to report earnings this week. The pre-market selloff reflects investor disappointment with the adjusted EPS figure coming in below analyst expectations.