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 activist investor Carl Icahn, reported significant losses and missed analyst expectations, causing investor concern.

The quarterly report revealed a net loss of $422 million for Icahn Enterprises, translating to earnings per share (EPS) of $(0.79). This figure fell far short of the $0.19 EPS that analysts had estimated. Additionally, the company's sales for the quarter came in at $2.00 billion, missing the forecasted $2.63 billion and highlighting potential challenges in its various business segments.

Despite the weak performance, Icahn Enterprises declared a quarterly distribution of $0.50 per unit. The company also reported a net asset value of $3,000 million for the quarter. However, these positive aspects were overshadowed by the significant earnings miss and revenue shortfall, leading to the sharp pre-market decline as investors reassess their positions in light of the company's current financial state.