At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.4% to 7,016.6 points.
Here’s what is happening on the market today:
Xero sinks following full year results
The Xero Limited (ASX: XRO) share price is sinking following the release of its full year results. For the 12 months ended 31 March, Xero reported an 18% increase in revenue to NZ$848.8 million and a 39% jump in EBITDA to NZ$191.2 million. This compares to the market consensus estimate of NZ$854 million and NZ$228 million, respectively. In addition to this revenue and earnings miss, weakness in the tech sector is also likely to be weighing on its shares.
Telstra hit with $50 million fine
The Telstra Corporation Ltd (ASX: TLS) share price is trading broadly flat today despite being dealt a $50 million penalty by the Federal Court. This penalty was in relation to its treatment of Indigenous customers in rural and remote parts of Australia. This follows the telco giant previously admitting that it had acted unconscionably towards 108 customers across five Telstra-branded stores, by selling them phone plans that they could neither afford nor understand.
Pro Medicus contract win
The Pro Medicus Limited (ASX: PME) share price is trading higher today after announcing a major new contract win. The healthcare technology company has signed an 8-year deal with The University of Vermont Health Network worth $14 million. The deal will see Pro Medicus provide a unified diagnostic imaging platform that will run across its network. This replaces the existing multiple legacy PACS platforms that are currently being used.
Best and worst ASX 200 performers
The best performer on the ASX 200 today has been the Ausnet Services Ltd (ASX: AST) share price with a 4% gain. This morning analysts at Goldman Sachs put a buy rating and $2.15 price target on its shares. The worst performer has been the Xero share price with a 7% decline following its results release.