Shares of Philip Morris International dropped over 7% in Tuesday trading after missing quarterly sales estimates. Revenue rose 7.1% to $10.14 billion, but fell short of analyst expectations. Cigarette shipments declined, while smoke-free product sales surged. CEO Olczak remains optimistic about the company’s smoke-free business momentum. Full-year adjusted EPS outlook was raised despite lower shipment volume forecast.

Read more at Yahoo Finance: Philip Morris Stock Tumbles as Sales Miss Estimates