Icahn Enterprises LP (NASDAQ: IEP) shares plummeted 5.05% in intraday trading on Wednesday, following the release of disappointing second-quarter financial results that significantly missed analyst expectations.

The diversified holding company reported a quarterly loss of $(0.52) per unit, missing the consensus estimate of $0.12 by a staggering 533.33%. The net loss attributable to Icahn Enterprises widened to $355 million, compared to a $165 million loss in the same period last year. While revenue rose 25.58% to approximately $3 billion and beat the $2.05 billion estimate, the top-line strength was overshadowed by steep losses in the company's investment segment.

Chairman Carl Icahn attributed the results to exceptional geopolitical events that disproportionately affected refining investments and related hedge positions. The company's net asset value fell $765 million from the prior quarter, primarily driven by a $435 million drop in the value of its long position in CVR Energy and $243 million in losses from broad market hedges. Management noted that it is continuing to right-size its hedge portfolio to reduce volatility and improve consistency going forward.