IHS Holding Ltd (NYSE:IHS) saw its stock plummet 6.72% in pre-market trading on Tuesday, as investors reacted to the company's mixed first-quarter earnings report and the announcement of its Rwanda business sale. The telecommunications infrastructure company faced a double whammy of news that appears to have shaken investor confidence.

For the quarter ended March 31, IHS Holding reported earnings per share (EPS) of $0.10, falling short of the FactSet consensus estimate of $0.17. Despite the earnings miss, the company's revenue showed positive growth, rising 5.2% year-over-year to $439.60 million, surpassing analyst expectations of $413.42 million. The reported EPS, while missing estimates, still represented a significant improvement from the $4.67 loss per share in the same quarter last year.

Adding to the market's concerns, IHS Holding announced an agreement to sell 100% of its Rwanda business to Paradigm Tower Ventures for an enterprise value of $274.5 million. The company expects to close the transaction in the second half of the year. While this move may be part of IHS Holding's strategic realignment, it appears that some investors are viewing the divestment negatively, possibly due to concerns about reduced market presence or potential impacts on future revenue streams.