ASX 200 midday update: BHP, Megaport, and Zip release Q3 updates

Here’s what is happening on the ASX 200 on Thursday…

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. The benchmark index is currently up 0.2% to 7,582.1 points.

Here’s what is happening on the ASX 200 today:

BHP third quarter update disappoints

The BHP Group Ltd (ASX: BHP) share price is trading lower following the release of the mining giant’s third quarter update. That update revealed that COVID-19 related disruptions have been weighing on its operations. And while the Big Australian has reaffirmed most of its production and unit cost guidance for FY 2022, it was forced to make some downgrades.

Zip Q3 update

The Zip Co Ltd (ASX: ZIP) share price is edging higher today following the release of the buy now pay later provider’s third quarter update. Zip’s update was a bit of a mixed bag. Although it delivered solid top line growth, this was still a touch slower than the market expected. Furthermore, while Zip reported an improvement in its cash margin, it also revealed the worsening of credit losses.

Megaport share price crashes

The Megaport Ltd (ASX: MP1) share price is crashing today after the network as a service provider’s third quarter update disappointed the market. Megaport reported only modest third quarter on quarter revenue growth of 5% to $27.9 million. This appears to have left the company with an uphill struggle to achieve the market’s full year expectations.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Challenger Ltd (ASX: CGF) share price with an 8%. This follows the release of the annuities company’s third quarter update. Going the other way, the Megaport share price is the worst performer with a disappointing 17% decline.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended MEGAPORT FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended Challenger Limited and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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