Trip.com Group Limited (TCOM) saw its stock price plummet 5.34% in after-hours trading on Monday, following the release of its first-quarter earnings report that fell short of analyst expectations. The online travel services provider's disappointing results triggered a sell-off among investors who had anticipated stronger performance.

According to the company's financial statement, Trip.com Group reported adjusted earnings per share (EPS) of $0.82 for the first quarter, missing the analyst consensus estimate of $0.86 by 4.65%. This represents a 1.2% decrease compared to the same period last year when the company reported earnings of $0.83 per share. Despite the earnings miss, Trip.com Group's quarterly sales met analyst expectations, coming in at $1.91 billion, marking a 15.69% increase from $1.65 billion in the same quarter of the previous year.

The market's reaction to the earnings miss was particularly pronounced, given that pre-earnings options trading had suggested significant investor optimism. Earlier in the day, options volume for Trip.com was reported to be 1.6 times the normal level, with calls leading puts 3:2, indicating that many traders were positioning themselves for a potential upside move. The implied volatility had suggested that the market was anticipating a move of around 4.5% in share price post-earnings. However, the actual drop of 5.34% exceeded these expectations, reflecting investors' disappointment with the company's bottom-line performance.