Icahn Enterprises LP (NASDAQ:IEP) released its first earnings report since it listed on the Nasdaq this afternoon after the market closed. The firm revealed that it earned $2.50 per unit in the first three months of 2013, on revenue of $5.3 billion. On today’s market, the firm’s stock trended higher, after beginning the day at $74.39 per share.

Carl Icahn

Icahn Enterprises LP (NASDAQ:IEP) is a holding company that owns subsidiaries that operate in several different industries. The company is led by its founder Carl Icahn, and has a market cap of more than $7.7 billion. Because of the recent change in the company’s market status, few analysts made predictions about this round of earnings, and previous years earnings are difficult to compare.

The loss in value of Icahn Enterprises LP (NASDAQ:IEP) shares has puzzled investors even as Icahn’s investments appeared to be paying off. Since mid-February, the company has lost more than 10 percent of its value as investors were increasingly nervous about the firm’s large investments in some polarizing companies.

Two of the most prominent among those investments are Herbalife Ltd. (NYSE:HLF) and Netflix. Herbalife Ltd. (NYSE:HLF) is also set to announce its earnings for the first three months of the year after today’s close, and the firm’s precarious position makes Icahn Enterprises LP (NASDAQ:IEP) holding of 15.5 percent of outstanding shares seem vulnerable to a loss of value.

Netflix, Inc. (NASDAQ:NFLX) has an extremely high valuation based on assumptions that it will be able to grow its revenue base by a large proportion in the coming years. The company’s most recent earnings report caused a surge in its share price leaving the firm’s shares up 132 percent for the year so far, with a P/E ration of over 500 for 2012.

Icahn Enterprises LP (NASDAQ:IEP) is failing to perform in line with the gains in some of Carl Icahn’s most prominent investments. The fund manager is having a great year, but investors don’t seem that confident about the future of his holding company.