Adeia (ADEA) shares tumbled 6.88% in pre-market trading on Tuesday following the release of its first-quarter earnings report. The provider of chip technology for small electronic devices reported mixed results, which seem to have disappointed investors despite meeting earnings expectations.

For the quarter ending March 2025, Adeia reported net income of $11.8 million, or $0.10 per share. Adjusted earnings came in at $0.26 per share, in line with the Zacks Consensus Estimate. However, the company's revenue of $87.7 million missed analysts' expectations, falling short of the Zacks Consensus Estimate by 4.59%. This represents a modest increase from the $83.41 million reported in the same quarter last year.

The negative market reaction may be attributed to the revenue miss and potentially conservative guidance, although specific forward-looking statements were not provided in the available news. It's worth noting that Adeia shares had already declined 12% since the beginning of the year, underperforming the S&P 500's 3.3% decline. Despite this, the stock was still up 24% over the last 12 months prior to this earnings release. Investors will likely be watching closely for management's commentary during the earnings call to gain further insight into the company's performance and outlook.