Shares of Virtus Investment Partners (VRTS) plunged 6.59% in Friday's intraday trading following the release of its third-quarter earnings report that fell short of analyst expectations. The investment management firm's disappointing results have sparked concerns among investors about its financial performance in a challenging market environment.

According to the company's report, Virtus Investment Partners posted adjusted earnings per share (EPS) of $6.69 for the quarter ended September 30, missing the mean analyst estimate of $6.77. This represents a 3.32% decrease from the $6.92 per share reported in the same period last year. The company's revenue also declined by 4.69% year-over-year to $216.4 million, although it surpassed the analyst consensus estimate of $198.82 million.

The market's negative reaction to Virtus Investment Partners' earnings report comes amid a generally positive sentiment in the broader market, with major indices trending higher in pre-market trading. This stark contrast highlights the significance of the company's underperformance and its impact on investor confidence. As Virtus Investment Partners grapples with these financial headwinds, market participants will be closely watching for any signs of improvement in the coming quarters.