Tradeweb Markets Inc. (TW) shares fell sharply in pre-market trading, dropping 5.21% despite the company reporting better-than-expected first-quarter financial results.

The electronic trading platform reported Q1 adjusted earnings of $1.08 per share, beating analyst estimates of $1.07, while revenue of $617.8 million also exceeded expectations of $607.8 million. The company cited record trading volumes across multiple products including U.S. and European government bonds, mortgages, swaps, credit, ETFs and money markets.

However, investors appeared focused on the company's full-year 2026 guidance, which indicated that adjusted expenses would trend toward the top half of the $1.1-$1.16 billion range. This expense outlook, along with potential "sell the news" sentiment after the stock's recent performance, likely contributed to the pre-market decline despite the strong quarterly results.