Colliers International Group Inc. (CIGI) saw its shares plummet 7.01% during intraday trading on Tuesday, following the release of its first-quarter financial results.

The commercial real estate services company reported a wider net loss for the quarter, with adjusted earnings per share falling short of analyst expectations. According to the earnings report, Colliers posted a GAAP net loss of $24 million, or 47 cents per share, significantly wider than the $4.3 million, or 8 cents per share, loss reported in the same quarter last year.

While the company's revenue of $1.31 billion exceeded analyst estimates of $1.27-$1.28 billion, the adjusted EPS of 91-92 cents missed the consensus expectation of 93-94 cents per share. This earnings miss and the substantial widening of the GAAP loss appear to have driven the sell-off in the stock as trading began.