The S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 0.5% to 7,062.2 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is down 15.5% to $3.86 following the release of a trading update. The online beauty retailer’s update revealed that it expects to report revenue growth of 43% to 47% in FY 2021. While this is strong growth, it is lower than the market was expecting.
Appen Ltd (ASX: APX)
The Appen share price has crashed 18.5% to $12.00. This follows the release of a presentation this morning which provided colour on current trading conditions. While management spoke positively about its position in the industry, it also revealed that its customers are changing the ways in which they develop projects. This has resulted in changing data volumes on a handful of large projects, impacting Appen’s revenue.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has continued its slide and is down a further 6% to $14.34. Investors have been selling the travel agent’s shares since the release of a trading update earlier this week. That update revealed that Flight Centre expects to record a second half loss in line with the one it reported in the first half (~$250 million). This was materially greater than many analysts were expecting.
Nearmap Ltd (ASX: NEA)
The Nearmap share price has crashed 24% lower to $1.80. Investors have been heading to the exits after Nearmap was hit with legal proceedings. The company advised that rival Eagle View alleges patent infringement in relation to its roof estimation technology. Nearmap’s CEO and Managing Director, Dr Rob Newman, said: “Nearmap has always taken the subject of intellectual property rights and patent protections seriously and believes the allegations are without merit. We will vigorously defend against the complaint. The business remains unaffected by the complaint.”