Axa Equitable Holdings (EQH) stock is experiencing a steep pre-market plunge of 5.80% on Wednesday, following the release of its first-quarter earnings report for 2025. The significant drop comes as the company's financial results fell short of analysts' expectations, disappointing investors.

According to the earnings report, Equitable Holdings reported revenue of $3.78 billion for the quarter ended March 2025, representing a 4% year-over-year increase. However, this figure missed the Zacks Consensus Estimate of $3.99 billion by 5.07%. The company's earnings per share (EPS) also disappointed, coming in at $1.35 compared to the consensus estimate of $1.49, representing a 9.40% negative surprise.

The earnings miss was reflected across various key metrics, with several segments underperforming compared to analyst projections. Notable shortfalls were observed in the Legacy segment revenues, Wealth Management revenues, and Corporate and Other revenues. The Individual Retirement segment also showed mixed results, with some metrics falling below expectations. These disappointing figures have likely contributed to the negative sentiment among investors, resulting in the substantial pre-market decline of EQH stock.