Concerns over rising tensions in the Ukraine have hit the S&P/ASX 200 Index (ASX: XJO) on Tuesday. In afternoon trade, the benchmark index is down 1.2% to 7,144.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 13% to $4.11. This follows the release of the infection prevention company’s half year update. Although Nanosonics reported strong growth over the COVID-impacted prior corresponding period, things weren’t so positive compared to the previous half. Nanosonics reported a 45% reduction in profit half on half. It also warned that its full year operating expenses would be up markedly year on year.
Superloop Ltd (ASX: SLC)
The Superloop share price is down 12.5% to 94 cents. This morning the telco released its half year results and revealed a 125% increase in revenue to $119.8 million. However, due to extreme margin weakness, its underlying EBITDA only grew 12.2% to $9.1 million.
Uniti Group Ltd (ASX: UWL)
The Uniti share price has fallen 11% to $3.30 following the release of the telco’s half year results. Superloop reported a 98% increase in revenue to $109.5 million and a 140% jump in underlying EBITDA to $70.5 million. As strong as this was, it was still short of the market’s expectations. This was due to weaker margins in the Wholesale & Infrastructure segment.
Zip Co Ltd (ASX: Z1P)
The Zip share price has continued its slide and is down 9% to $2.15. Investors have been selling this buy now pay later provider’s shares since the release of its half year trading update on Monday. The larger than expected loss appears to have sparked fears that Zip may need to raise capital again in the near future.
The post Why Nanosonics, Superloop, Uniti, and Zip shares are tumbling today appeared first on The Motley Fool Australia.
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More reading
- Uniti (ASX:UWL) share price tumbles 10% despite revenue surging 98%
- ASX 200 (ASX:XJO) midday update: Coles and Cochlear impress, Nanosonics sinks
- Own Zip (ASX:Z1P) shares? Rumours are circulating the company may be set for a capital raise
- Nanosonics (ASX:NAN) share price sinks amid 45% half-on-half profit decline
- 5 things to watch on the ASX 200 on Tuesday
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. owns and has recommended Nanosonics Limited, SUPERLOOP FPO, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Uniti Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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