06:02 AM EDT, 04/18/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Synovus Financial's ( SNV ) shares dropped 7.7% in premarket activity Thursday after the company reported a drop in adjusted earnings and revenue in Q1.

The company reported adjusted Q1 earnings late Wednesday of $0.79 per diluted share, down from $1.33 a year earlier.

Analysts polled by Capital IQ expected $0.99.

Revenue, expressed as the sum of total net interest income and noninterest income, fell to $537.7 million in the three months ended March 31 from $613.9 million a year earlier.

Analysts surveyed by Capital IQ expected $547.5 million.