Manchester United PLC (MANU) shares plummeted 5.64% during intraday trading on Wednesday, following the release of its fiscal second-quarter 2026 results.

The football club reported revenue of £190.3 million for the quarter, slightly above analyst expectations, and adjusted EBITDA of £76 million, which beat estimates. However, the results highlighted several challenges, including lower revenue due to the absence of UEFA competition participation and decreased matchday revenue from fewer home matches. While operating profit jumped significantly year-over-year due to cost reduction programs, the company maintained its full-year revenue and adjusted EBITDA guidance without an upward revision.

Investors may also be reacting to the historical context, as the company had missed earnings estimates in several previous quarters. Additionally, the stock had risen 11.4% in the quarter leading up to the report, potentially leading to profit-taking on the news. The maintained outlook and identified headwinds appear to have outweighed the positive beats in key metrics, driving the share price downward.