Tobacco giant Philip Morris International Inc. shares slid 4% in premarket trade Thursday, after the company's first-quarter revenue fell short of estimates. The Marlboro distributor said it had net income of $1.556 billion, or $1.00 a share, in the first quarter, down from $1.590 billion, or $1.02 a share, in the year-earlier period. Adjusted per-share earnings were also $1.00, ahead of the FactSet consensus of 98 cents. Revenue rose to $6.896 billion from 46.064 billion, but was below the FactSet consensus of $7.029 billion. The company said it is raising its full-year EPS guidance to $5.25 to $5.40, to reflect a lower tax rate following last December's revamp. It also "incorporates, at this early stage in the year, some caution regarding: on-going volume challenges in the GCC; the pricing environment in Russia; and less-rapid-than-initially-projected growth in sales of devices to consumers in Japan in the first quarter, as we are now reaching more conservative adult smoker segments that may require, at least at first, slightly more time for adoption," Chief Executive André Calantzopoulos said in a statement. "Even if this temporary dynamic in Japan persists, we remain on track to double our worldwide in-market sales of heated tobacco units compared to 2017." Shares are down 11% in the last 12 months, while the S&P 500 has gained 16%.