In afternoon trade the S&P/ASX 200 index is off its lows but is still in the red. At the time of writing the benchmark index is down 0.2% to 6,485.5 points.
Four shares that have fallen more than most today are listed below. Here's why they tumbled lower:
The Appen Ltd (ASX: APX) share price has sunk 9% lower to $24.88 following the release of its half year results. Investors have hit the sell button despite Appen reporting revenue growth of 60% to $245.1 million and underlying EBITDA growth of 81% to $46.3 million in the first half of FY 2019. I suspect that some investors were disappointed that management didn't upgrade its full year guidance materially. Instead, it advised that it expects to hit the high end of its previous guidance range.
The Bellamy's Australia Ltd (ASX: BAL) share price has continued its slide and is down a further 3.5% to $7.66. The infant formula company's shares have come under pressure this week following the release of a soft full year result. Bellamy's reported a 19% decline in revenue to $266.2 million and a 36% drop in normalised net profit after tax to $30.1 million. Management also deferred its $500 million revenue target due to delays in gaining its SAMR accreditation.
The NEXTDC Ltd (ASX: NXT) share price has dropped 6.5% to $6.13 following the release of its full year results. Although NEXTDC reported a 15% increase in revenue to $179.3 million and a 13% lift in underlying EBITDA to $85.1 million, investors appear disappointed that it posted a $10 million loss after tax. In FY 2020 management expects EBITDA growth of 17.5% to 23.5%.
The Onevue Holdings Ltd (ASX: OVH) share price has tumbled 9% to 42 cents. This morning the company released its full year results and revealed revenue growth of 35%, EBITDA growth of 59%, and adjusted NPATA growth of 34%. Judging by the share price weakness, it appears as though the market was expecting an even stronger result in FY 2019.
