Shares of Mosaic (MOS), a leading fertilizer producer, plummeted 11.83% during Wednesday's trading session, as investors reacted to the company's disappointing second-quarter earnings report. The significant drop extends the losses that began in pre-market trading, where the stock was already down 5.6%.

Mosaic's financial results for the quarter ended June 30 fell considerably short of analyst expectations. The company reported adjusted earnings per share (EPS) of $0.51, missing the consensus estimate of $0.73 by 30.1%. Revenue also disappointed, coming in at $3.01 billion versus the anticipated $3.14 billion. These results indicate that Mosaic is grappling with challenges in its core business segments, with higher costs putting pressure on profits.

Despite the earnings miss, Mosaic provided guidance for the upcoming quarter and full year. The company expects third-quarter phosphate sales volumes to be between 1.8 and 2.0 million tonnes, while projecting full-year phosphate production volumes to range from 6.9 to 7.2 million tonnes. Total capital expenditures for the year are forecasted between $1.2 billion and $1.3 billion. However, these forward-looking statements have done little to assuage investor concerns about the company's near-term prospects, as evidenced by the sharp decline in stock price.