Shares of IHS Holding (IHS 2.62%) -- also known as IHS Towers -- fell as much as 12% early Tuesday, then settled to close down 5% after the U.K.-based communications infrastructure company announced weaker-than-expected quarterly results.

For its third quarter of 2023, IHS' revenue declined 10.4% year over year, to $467 million, translating to an adjusted non-GAAP (generally accepted accounting principles) net loss of $0.48 per share. Analysts, on average, were anticipating earnings of $0.04 per share, but on lower revenue of $457.9 million.

A "solid" quarter for IHS in spite of the naira devaluation

To be fair, IHS' reported top-line results were impacted by a massive $214.5 foreign exchange headwind, primarily due to the 78.2% devaluation of the Nigerian naira (NGN) starting in mid-June 2023. Meanwhile, IHS' adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 15.5% to $232 million.

"We are reporting a solid quarter of performance across our [key performance indicators], driven by growth across each of our segments that reflects robust secular demand and the quality of our contract structures," stated IHS Towers chairman and CEO Sam Darwish.

Darwish added that the foreign-exchange "protection mechanisms" in IHS' revenue contracts have "begun to reset" and should see more tangible improvement in the fourth quarter.

What's next for IHS Holdings stock?

IHS reiterated its previous 2023 guidance ranges calling for revenue of $2.08 billion to $2.11 billion, and for adjusted EBITDA of $1.13 billion to $1.15 billion. Noting its slight revenue outperformance in Q3, however, management did state that the incremental foreign-exchange headwinds assumed in that guidance range now equate to a roughly $11 million downside relative to previously assumed rates.

In the end, this wasn't exactly a pretty quarter from IHS, but the company is doing well to manage the static aspects of the business that remain within its control. So while the stock is falling in response today, I'll be keeping a close eye on IHS going forward for a potential rebound.