In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from its early declines and pushed marginally higher to 5,879 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Amaysim Australia Ltd (ASX: AYS) share price has plunged almost 19% to $1.84 following the release of a trading update ahead of its full-year earnings release later this month. The telco company advised that its expects revenue in the range of $292 million to $294 million and underlying EBITDA in the range of $17 million to $18 million. This fell short of the market's expectations.
The Carsales.Com Ltd (ASX: CAR) share price has fallen almost 3.5% to $13.64 a day after the release of its half-year update. Today's decline appears to be related to a broker note out of Citi which revealed that its analysts have downgraded the car listings company to a sell rating with a reduced price target of $12.50.
The Class Ltd (ASX: CL1) share price is down 9% to $2.66 following the release of a mixed half-year result. Although the cloud-based SMSF accounting software company reported a 19% increase in first-half net profit after tax, investors may be concerned at its rising costs. The company's cost to acquire a client increased 20% to $135 per customer, compared to $112 per customer a year earlier and $114 per customer at the end of FY 2017. Disappointingly, average revenue per unit went the other way and declined year-on-year.
The Tabcorp Holdings Limited (ASX: TAH) share price has tumbled 7.5% to $4.73. This morning Tabcorp reported its half-year results which revealed a 19% increase in revenue to $1,376.2 million, but a massive 58% decline in net profit to $24.6 million. According to the release, net profit was impacted by significant items after tax of $57.4 million.
