Shares of Navient (NASDAQ: NAVI) plunged 5.18% in pre-market trading on Wednesday following the release of its disappointing third-quarter financial results. The student loan servicer reported a significant loss and missed Wall Street's expectations, causing investor concern.

Navient swung to a core loss of $0.84 per diluted share in Q3, a stark contrast to the earnings of $1.45 per share reported in the same period last year. This result fell far short of analysts' expectations, who had forecast earnings of $0.18 per share. The company's revenue also took a substantial hit, dropping to $161 million from $396 million a year earlier, missing the consensus estimate of $164.6 million.

The poor performance was primarily attributed to a $168 million provision for loan losses, with $151 million resulting from elevated credit losses. Despite these challenges, Navient approved a new $100 million share repurchase program, which may be seen as an attempt to boost investor confidence. However, the market's immediate reaction suggests that investors are more focused on the company's current financial struggles than its future prospects.