Icahn Enterprises LP (NASDAQ: IEP) saw its stock price plummet 5.96% in pre-market trading on Wednesday following the release of its disappointing first-quarter 2025 financial results. The company, led by billionaire investor Carl Icahn, reported a significant net loss and missed analyst estimates on key financial metrics.

The quarterly report revealed a net loss of $422 million, translating to earnings per share (EPS) of $(0.79), which fell far short of the analyst consensus estimate of $0.19. Revenue for the quarter came in at $1.9 billion, also missing the expected $2.63 billion. These underwhelming results appear to have triggered a sell-off among investors, leading to the sharp pre-market decline.

Despite the negative performance, Icahn Enterprises declared a quarterly distribution of $0.50 per unit. The company also reported a net asset value of $3 billion for the quarter. However, these positive aspects were overshadowed by the overall disappointing financial performance, as reflected in the stock's pre-market movement. Investors will likely be watching closely to see how the company plans to address these challenges and improve its performance in the coming quarters.