Shares of Kogan.com Ltd (KGN.AU) plummeted 11.50% during Tuesday's intraday trading session, following the release of disappointing financial results for the four months ending April 30. The e-commerce retailer's performance has raised concerns among investors, leading to a significant sell-off.

According to a filing with the Australian Securities Exchange (ASX), Kogan.com reported a sharp decline in its earnings before interest, tax, depreciation, and amortization (EBITDA). The company's EBITDA fell by nearly 38% to AU$6.8 million, with a margin of 5%. This downturn was primarily attributed to challenges in its Mighty Ape segment and increased marketing investments aimed at driving customer growth.

While Kogan.com did see some positive trends, including a 20% increase in gross sales growth and a 24% year-over-year growth in its core Kogan.com segment, these were not enough to offset investor concerns. The company's group revenue for the period declined by almost 1%, with growth in the Kogan.com segment being counterbalanced by a decline in the Mighty Ape segment. The mixed results and significant drop in earnings appear to have shaken investor confidence, resulting in the sharp stock price decline observed in the market.