ManpowerGroup's stock plummeted 5.08% during intraday trading on Thursday, reversing earlier gains following the company's first-quarter earnings release.

The sharp decline comes despite the company reporting better-than-expected adjusted earnings and revenue for the quarter. ManpowerGroup posted Q1 adjusted EPS of $0.51, beating the consensus estimate of $0.49, while revenue of $4.51 billion also exceeded expectations of $4.41 billion.

However, investors focused on the significant deterioration in the company's bottom line, with Q1 net earnings falling to just $0.05 per diluted share from $0.12 a year earlier. The company attributed much of this decline to restructuring costs and strategic transformation program expenses, which reduced earnings per share by $0.46 in the quarter.