Philip Morris Beats Earnings Expectations. The Stock Still Falls as Revenue Misses.

Philip Morris International

fell in early trading Thursday as first-quarter revenue missed expectations.

The maker of Marlboro cigarettes (ticker: PM) reported adjusted earnings per share of $1.38, compared with the $1.34 consensus among analysts polled by FactSet. But revenue came in at $8 billion, below estimates for $8.1 billion.

Philip Morris is aiming to make a majority of its sales from smoke-free products by 2025. Its heat sticks are in the process of getting approval, and the company plans to relaunch IQOS, a heated tobacco product, next year.