In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is a sea of red. At the time of writing, the benchmark index is down 2.9% to 6,995.9 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Appen Ltd (ASX: APX)
The Appen share price is down 28% to $6.18. Investors have been selling down this artificial intelligence data services company’s shares following the release of its full year results. Appen reported an 8% increase in revenue to a record of US$447.3 million and a 3% increase in underlying EBITDA to US$77.7 million. The latter fell short of its revised guidance.
City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down 33% to $3.40. Investors have been selling this plus sized fashion retailer’s shares after its half year results disappointed. City Chic reported a 49% lift in revenue to $178.3 million but a 6% reduction in net profit to $12.3 million. The company decided against paying an interim dividend.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 9% to $18.31. This morning the travel agent giant reported a $188 million first half loss. And while management has reaffirmed its profitability targets, it hasn’t been enough to stop its shares from tumbling. Flight Centre expects its corporate business to return to profit in March-April, whereas the global leisure business is expected to return to profit later in the second half.
Life360 Inc (ASX: 360)
The Life360 share price has crashed 30% lower to $4.58. Investors have been selling down this app maker’s shares following the release of its full year results. Although Life360 delivered strong top line growth, its losses grew strongly. Also weighing on its shares was management acknowledging that privacy concerns are impacting the tracking tech category.
The post Why Appen, City Chic, Flight Centre, and Life360 shares are sinking appeared first on The Motley Fool Australia.
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More reading
- ASX tech shares have been smashed today as market hits 3-week low
- Dividend ditched: City Chic (ASX:CCX) share price plummets 30% on half-year earnings
- ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
- Flight Centre (ASX:FLT) share price tumbles after posting $188m half year loss
- Life360 (ASX:360) share price plunges 26% after bleeding money in 2021
Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended Flight Centre Travel 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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