There's no doubt that the technology sector has been battered and bruised in recent times. This has led to former market darling ASX tech shares falling from their highs, with many now trading at multi-year lows.
Today, two companies with cashed-up balance sheets and sizeable revenue growth are cementing new lows. While low share prices alone are not a reason to buy, it can be a good prompt to take another look and reassess.
In saying that, here are a couple of ASX tech shares pushing lower again on Thursday.
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These 2 ASX tech shares can't catch a break
PointsBet Holdings Ltd (ASX: PBH)
This online bookmaker's year just got even worse today, as the PointsBet share price moved another 1.3% lower. The disappointing outcome for shareholders means their holdings have diminished in value by 62% since the start of 2022.
Interestingly, the continued sell-off has played out as the company approaches the release of its third-quarter update tomorrow. No doubt investors will be looking to see whether this ASX tech share has turned around its rampant cash burning, or not.
Tyro Payments Ltd (ASX: TYR)
Payment solutions and point of sales terminal provider, Tyro Payments is another company losing some more of its fanfare today. By the closing bell, the Tyro share price finished up 5.3% lower to $1.17 — its lowest level since listing in 2019.
The pain for this ASX tech share has stayed with it throughout 2022, despite the company's revenue bouncing back from COVID-19 pressures. In fact, the most recent trading update shows transaction value increasing 42% in April compared to 2021.
