Core Viewpoint - Philip Morris International's stock declined despite reporting strong third-quarter earnings and raising its full-year guidance, indicating investor expectations for even stronger performance were not met [1][2][6]. Financial Performance - In the third quarter, Philip Morris' sales increased by 9.5% year over year, leading to a significant earnings beat. The average analyst estimate for non-GAAP earnings per share was $2.10 on sales of approximately $10.66 billion [4]. - The company raised its adjusted diluted earnings per share guidance for the year to a range of 13.5% to 15.1%, up from the previous guidance of 12% to 13.5% [5]. Market Reaction - Despite the positive earnings report and guidance revision, Philip Morris' stock fell by 3.8% during trading, with a drop of up to 10% at one point. This decline occurred while the S&P 500 remained relatively flat [1][2]. - Investor sentiment was affected by expectations for stronger performance in earnings and smoke-free product volumes, which were not fully realized [6].