Shares of Walgreens Boots Alliance (NASDAQ: WBA) were sinking 6.5% lower at 11:10 a.m. ET on Thursday and had been down as much as 11.7% earlier in the morning. The decline came after the pharmacy retailer and wholesaler announced its fiscal 2024 first-quarter results and reduced its dividend payout by 48%.

Walgreens' fiscal Q1 revenue of $36.7 billion was better than the consensus Wall Street estimate of nearly $34.9 billion. Its adjusted earnings per share of $0.66 also topped the average analysts' estimate of $0.61 per share.

However, investors reacted negatively to the company's dividend cut. Walgreens had previously increased its dividend for 47 consecutive years.

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Source Fool.com