In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.2% to 7,404.1 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price is down 4.5% to $5.86. The weakness in this infant formula company’s shares appears to have been driven by another soft quarterly update by smaller rival Bubs Australia Ltd (ASX: BUB). That update revealed that its fourth quarter revenue was down 4% on the prior corresponding period. This led to full year revenue falling 24% year on year.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price has crashed 22.5% to $2.16 following the release of its second quarter update. Investors have been selling the meal kit delivery company’s shares after its update revealed a sharp slowdown in its sales growth. Management advised that this reflects a normalisation in consumer behaviour.
Origin Energy Ltd (ASX: ORG)
The Origin share price has sunk 8% to $4.11. The catalyst for this was the announcement of a $2.2 billion impairment charge. This comprises $1,578 million of post-tax charges relating to Energy Markets goodwill and generation assets, and a tax expense of $669 million relating to a deferred tax liability. Management also warned that its Energy Markets earnings would drop materially in FY 2022.
Sezzle Inc (ASX: SZL)
The Sezzle share price has crashed 11% lower to $7.16. This is despite the release of the buy now pay later provider’s strong second quarter update. That update revealed a 118.7% increase in underlying merchant sales and a 122.6% jump in income. This was driven by the almost doubling of its customer numbers over the last 12 months. Today’s decline may be due to Amazon’s weaker than expected quarterly update.