The business, listed on the Nasdaq, said it recorded a net loss of $29m for the three months ending March, versus net income of $277m a year ago.
The business invests across nine major sectors including the car industry, property and energy.
“We are fully wedded to the activist model across all of our segments. This strategy has served us well over the last 14 years and we expect to continue this trend long into the future. While the first quarter produced somewhat modest results compared to the standards we hold out for ourselves, we believe that the second quarter is off to a great start,” Icahn said.
Adjusted earnings before interest and tax came in at $218m in the first quarter, versus $507m a year ago. Revenues also fell in the first quarter of this year to $5bn from $5.4bn.
Icahn, who has been investing for over 50 years, is chairman of Icahn Enterprises but has made his name as an activist investor in publicly listed companies such as tech firms like Apple.