In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to finish the week on a disappointing note. At the time of writing, the benchmark index is down 0.8% to 7,028.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price has crashed 21% lower to $1.32 after the release of its quarterly update. That update fell short of expectations due largely to issues at the Western Flank oil and gas operation. These issues are so severe that its full year guidance has been downgraded and its five-year outlook has been withdrawn.
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price has sunk 11.5% to 88 cents following its third quarter update. Although the sales enablement automation platform provider advised that it now expects to hit the upper end of its guidance range, investors appear disappointed with its growing costs. Bigtincan reported cash receipts of $12.2 million but cash operating payments of $15.8 million. This follows the addition of several bolt-on acquisitions.
Pointerra Ltd (ASX: 3DP)
The Pointerra share price has sunk 15% to 64 cents. This follows news that the 3D geospatial data technology company has signed an agreement to acquire US drone-based digital asset management business Airovant. Pointerra also released a sales update and revealed that its annual contract value (ACV) had increased 15% over the last three months to US$7.89 million. Some investors may have been expecting stronger growth.
ResMed Inc (ASX: RMD)
The ResMed share price is down 4.5% to $26.14 after its third quarter results fell 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 over the same period last year. However, it is worth noting that he prior corresponding period benefited greatly from strong COVID-19-related ventilator sales. Excluding these sales, ResMed would have grown its top line.
