Shares of Philip Morris International (PM) tumbled 8.17% in pre-market trading on Tuesday following the release of its second-quarter earnings report. The tobacco giant's results revealed a mixed performance, with earnings beating expectations but revenue falling short of analyst estimates.

The company reported Q2 revenue of $10.14 billion, missing the analyst consensus estimate of $10.33 billion. However, adjusted earnings per share came in at $1.91, surpassing the expected $1.86. The revenue miss was partly attributed to a 1.5% decline in cigarette shipment volumes, highlighting the ongoing challenges faced by traditional tobacco products.

Adding to investor concerns, Philip Morris provided weaker-than-expected guidance for the third quarter. The company forecasts Q3 adjusted earnings in the range of $2.08 to $2.13 per share, falling short of the analyst consensus estimate of $2.14. This outlook, combined with the revenue miss, appears to have sparked the significant pre-market sell-off.

Despite the negative market reaction, Philip Morris did raise its full-year adjusted earnings per share forecast to between $7.43 and $7.56, up from the previous range of $7.36 to $7.49. However, this increase was not enough to offset concerns about the company's near-term growth prospects and its ability to navigate the declining cigarette market.