The S&P/ASX 200 Index (ASX: XJO) is on course to give back all of yesterday's gain and more. In afternoon trade, the benchmark index is down 0.9% to 6,778.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Appen Ltd (ASX: APX)
The Appen share price has crashed 11% lower to $18.06. The artificial intelligence services company's shares have come under pressure following the release of its full year results. For the 12 months ended 31 December, Appen posted a 12% increase in revenue to $599.9 million and an 8% lift in EBITDA to $108.6 million. Looking ahead, Appen is forecasting EBITDA growth of 18% to 28% in FY 2021. Investors may have been expecting stronger growth to justify the multiples its shares trade on.
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down 10% to 88.5 cents. This follows the release of the sales enablement platform provider's half year results this morning. At the end of the first half, Bigtincan reported Annualised Recurring Revenue (ARR) of $48.4 million. This was up 50% on the prior corresponding period. However, investors appear disappointed with its guidance. Management expects to achieve the top end of its ARR guidance range of $49 million to $53 million in FY 2021. This implies only limited second half ARR growth.
Humm Group Ltd (ASX: HUM)
The Humm share price is down 16% to $1.11. Investors have been selling the financial services company's shares following the release of its half year results. Humm reported a 6.4% decrease in gross income to $225.2 million. This was driven by lower interest income and reduced income from its discontinued consumer leasing portfolio. For the same reasons, its gross profit was down 4.1% to $173.4 million.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price has fallen 7.5% to $5.60. This infection control specialist's shares have come under pressure today following the release of an underwhelming half year result. Nanosonics reported an 11% decline in revenue to $43.1 million due to a reduction in purchases by GE Healthcare because of COVID-19 impacts. Things were even worse for its earnings, with operating profit coming in at just $0.2 million. This compares to $6.7 million in the prior corresponding period.
