The S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. In late trade, the benchmark index is down 0.2% to 7,072 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Cettire Ltd (ASX: CTT)
The Cettire share price has crashed over 22% to $2.34 following the release of its first half results. Although the global luxury online retailer delivered a 192% jump in gross revenue to $154.1 million, this was underpinned by a huge increase in marketing costs. As a result, Cettire swung from a $2.3 million profit to an $8.3 million loss. Investors appear concerned by the scalability of its platform.
Novonix Ltd (ASX: NVX)
The Novonix share price has tumbled 14% to $6.59. A number of richly valued shares have come under pressure on Thursday. In addition, on Wednesday Morgans suggested that the Novonix share price had peaked for the time being. It retained its neutral rating and cut its price target to $6.97.
Serko Ltd (ASX: SKO)
The Serko share price has fallen 7% to $4.55. This travel technology company's shares have come under pressure today after it warned of difficult trading conditions due to the Omicron variant. This has led to Serko downgrading its revenue guidance to between NZ$18 million and NZ$20.5 million. Management was previously forecasting revenue of NZ$21 million and NZ$25 million.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 9% to $2.92. This appears to have been driven by broad weakness in the tech sector on Thursday following a very disappointing result from social media giant Meta (Facebook). The Meta share price was down a whopping 23% during after hours trade on Wall Street.
