The S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday and is charging higher At the time of writing the benchmark index is up 0.5% to 6,146.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Appen Ltd (ASX: APX) share price is down 11% to $38.71. Investors have been selling Appen's shares following the release of its half year results. Although the artificial intelligence services company delivered strong sales and statutory earnings growth, investors appear to have been betting on a guidance upgrade. However, management has held firm with its full year guidance of underlying EBITDA in the range of $125 million to $130 million
The Link Administration Holdings Ltd (ASX: LNK) share price has dropped 9% to $4.00. This follows the release of a disappointing full year result for FY 2020. Although Link posted only a 3% decline in revenue to $1.23 billion, things were much worse on the bottom line. The administration services company delivered a statutory net loss after tax of $114 million. This was driven by a $108 million impairment of its corporate markets business in Europe.
The LiveTiles Ltd (ASX: LVT) share price has fallen 3.5% to 22.2 cents. Investors have been selling the intranet and workplace technology software provider's shares after the release of its full year results for FY 2020. Although LiveTiles almost doubled its revenue in FY 2020 to $44.5 million, its operating costs are still materially higher than revenue at $76.2 million. This led to LiveTiles posting a net loss after tax of $31.6 million.
The Zip Co Ltd (ASX: Z1P) share price is down 5% to $9.13. This is despite the release of a strong full year result this morning. In FY 2020, Zip Co reported a 91% increase in total revenue to $161 million. I suspect that some of this decline can be attributed to profit taking after a very strong gain a day earlier following its eBay announcement.
