ASX 200 down 0.6%: ResMed lower on Q3 update, Beach Energy crashes 23%

Beach Energy Ltd (ASX:BPT) and ResMed Inc. (ASX:RMD) shares are making waves on the ASX 200 index on Friday…

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Young man looking afraid representing ASX shares investor scared of market crash

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. The benchmark index is currently down 0.6% to 7,038.7 points.

Here’s what has been happening on the market today:

ResMed Q3 result falls short of expectations

The ResMed Inc. (ASX: RMD) share price is tumbling lower on Friday after its third quarter results fell a touch short of expectations. For the three months ended 31 March, the sleep treatment medical device company reported revenue of US$768.8 million and an operating profit of US$223.4 million. This represents a 0.1% decline and 3% increase, respectively, over the same period last year. The prior corresponding period benefited greatly from strong COVID-19-related ventilator sales.

Beach Energy share price crashes

The Beach Energy Ltd (ASX: BPT) share price is crashing lower today after the release of an update. According to the release, Beach has downgraded its FY 2021 production guidance to between 25.2 MMboe and 25.7 MMboe from between 26.5 MMboe and 27.5 MMboe. The company also withdrew its five-year outlook. This is due partly to reductions in the Western Flank oil and gas production profile.

PointsBet impresses

The PointsBet Holdings Ltd (ASX: PBH) share price is charging higher today following the release of its third quarter update. For the three months ended 31 March, the sports betting company reported a 236% increase in turnover to $905.2 million. This was driven by a 137% jump in Australian turnover to $423.2 million and a 431% increase in US turnover to $482 million. Pleasingly, its net win grew even quicker. PointsBet reported a net win of $64.9 million, which was up 246% on the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the PointsBet share price with a gain of almost 6% following its third quarter update. Unsurprisingly, the Beach Energy share price is the worst performer on the index with its 23% decline. The surprise downgrade and removal of its five-year outlook has sent investors to the exits in their droves.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and ResMed Inc. 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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