Iamgold (NYSE:IAG) experienced a significant 24-hour plunge of 5.57% on Tuesday, with the stock price decline primarily driven by the release of the company's mixed first-quarter earnings report. The gold mining company's shares tumbled in after-hours trading and continued their downward trajectory into the next trading session as investors digested the financial results.

The Q1 earnings report revealed a complex picture for Iamgold. On the positive side, the company reported adjusted earnings of $0.10 per share, surpassing the analyst consensus estimate of $0.09 by 11.11%. However, this figure represents a 9.09% decrease from the $0.11 per share earned in the same period last year. The main disappointment came from the revenue side, where Iamgold reported quarterly revenue of $477.1 million, falling significantly short of the FactSet consensus estimate of $500.9 million. Despite missing expectations, it's worth noting that the reported revenue still marks a substantial 40.78% increase from the $338.90 million generated in the same quarter of the previous year.

The market's negative reaction to Iamgold's earnings report suggests that investors are more concerned about the revenue miss than they are impressed by the earnings beat. The significant shortfall in revenue could indicate challenges in production volume or fluctuations in gold prices during the quarter. This has likely raised concerns among investors about the company's near-term prospects and its ability to meet future revenue targets. As Iamgold navigates these challenges, market participants will be closely watching for any guidance from management on how they plan to address the revenue shortfall and improve performance in the coming quarters.