The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 1.3% to 7,213.3 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are sinking:
Appen Ltd (ASX: APX)
The Appen share price is down 13% to $2.39. This morning, the struggling artificial intelligence data services provider released its full-year results and reported a sizeable decline in sales. Things were even worse on the bottom line, with Appen swinging from a US$40.6 million profit in FY 2021 to a US$22.8 million underlying loss in FY 2022. Management also revealed that it has had a soft start to FY 2023.
Downer EDI Ltd (ASX: DOW)
The Downer EDI share price is down 23% to $3.06. Investors have been selling this integrated services companyâs shares after it released its half-year results. Downer reported a 2.9% increase in revenue to $6.1 billion but a 20.3% decline in profit to $68.1 million. Management blamed the latter on unprecedented weather, labour shortages, and contract and project losses in its utilities segment. Downer also downgraded its full-year guidance again.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 7% to $20.85. Some of this decline is due to the iron ore minerâs shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving this dividend towards the end of next month.
InvoCare Limited (ASX: IVC)
The InvoCare share price is down over 10% to $9.91. Investors have been selling this funerals companyâs shares after its full-year result disappointed the market. Invocare posted a 12% increase in revenue but a loss of $1.8 million. The latter was impacted by an unrealised mark-to-market revaluation of pre-paid funds under management and contract liabilities.
The post Why Appen, Downer, Fortescue, and Invocare shares are crashing today appeared first on The Motley Fool Australia.
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More reading
- ASX 200 share Downer crashes 21% on lower profit and guidance
- Why is the Fortescue share price sinking 8% today?
- Appen share price crashes on US$239m FY22 loss
- Why are ASX 200 mining shares ending the week in the red?
- 7 ASX 200 shares with ex-dividend dates next week
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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