Shares of Anglogold Ashanti (AU) plummeted 7.97% during intraday trading on Friday, as investors reacted sharply to the company's second-quarter results that fell short of analyst expectations. The gold miner reported headline earnings per share of $1.98, significantly below the FactSet consensus estimate of $2.38, triggering a broad sell-off in the stock.

The earnings miss was compounded by a year-over-year decline in gold production, which fell to 744,000 ounces from 804,000 ounces a year earlier. Total cash costs rose 11.7% to $1.1 billion, while all-in sustaining costs increased 15.1% to $1.54 billion. The company cited inflation, higher royalties, increased fuel prices, and foreign exchange headwinds as key drivers of the cost pressures. Production at the Obuasi mine in Ghana was particularly disappointing, plunging 32% due to operational issues and a fatal accident in April.

Despite the weak operational quarter, Anglogold Ashanti reaffirmed its full-year guidance, noting that production is expected to be significantly weighted toward the second half of the year and that unit costs should trend lower as volumes increase. The company also approved a $2 billion share repurchase program and declared an interim dividend. However, these positive announcements were not enough to offset near-term disappointment, and the stock continued its decline throughout the session.