PAR Technology (NYSE: PAR) shares plummeted 8.42% in pre-market trading on Friday, despite reporting second-quarter revenue that exceeded analyst expectations. The sharp decline comes as investors digest the company's mixed earnings report, which revealed some concerning details beneath the surface.

The technology solutions provider for the restaurant industry announced Q2 revenue of $112.4 million, surpassing the IBES estimate of $111.3 million. PAR also reported an adjusted earnings per share (EPS) of $0.03, swinging from a loss of $0.23 in the same quarter last year and beating analyst expectations of $0.01 per share.

However, the company's basic EPS came in at a loss of $0.52, significantly lower than the adjusted figure. This stark difference between adjusted and basic EPS has raised concerns among investors about the quality of PAR's earnings and potential underlying issues affecting profitability. The market's negative reaction suggests that investors are looking beyond the headline numbers and focusing on the company's overall financial health and future prospects, leading to the substantial pre-market sell-off.