Shares of Diebold Nixdorf Inc. (DBD) suffered a massive sell-off on Wednesday, plummeting by nearly 21% in pre-market trading. The steep decline came after the banking and retail technology provider reported weaker-than-expected financial results for the third quarter of 2024.

For the quarter ended September 30, Diebold Nixdorf posted adjusted earnings of $0.53 per share, significantly lower than the analysts' consensus estimate of $1.14 per share. The company's revenue of $927.1 million also narrowly missed Wall Street's expectations of $929.48 million.

The disappointing earnings and revenue figures appear to have caught investors by surprise, triggering the sharp sell-off in Diebold Nixdorf's stock. The company's third-quarter adjusted earnings per share and revenue fell short of analysts' estimates, despite the company maintaining an upbeat outlook for achieving the high end of its previously issued adjusted EBITDA guidance for the full year 2024.