ASX 200 midday update: ResMed disappoints, PointsBet rockets higher

The ASX 200 is having a good day…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.75% to 7,412.7 points.

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

ResMed share price falls on quarterly update

The ResMed Inc (ASX: RMD) share price is sinking on Friday after the sleep treatment company’s quarterly update fell short of expectations. ResMed reported a 12% increase in revenue to US$864.5 million and a 2% lift in earnings per share to US$1.32. Goldman Sachs notes that the company’s revenue and earnings per share missed by 5% and 9%, respectively, versus consensus estimates.

PointsBet shares jump

The PointsBet Holdings Ltd (ASX: PBH) share price is racing higher today thanks to a rebound in the tech sector and a positive reaction to the sports betting company’s quarterly update. In respect to the latter, PointsBet reported a 54% increase in turnover to $1,398 million. This reflects a 37% increase in Australian turnover to $579.4 million and a 70% jump in US turnover to $818.6 million.

COVID weighs on Ramsay profits

The Ramsay Health Care Limited (ASX: RHC) share price is trading lower today after the hospital giant revealed that its profits have been hit by COVID restrictions. Ramsay reported third quarter revenue growth of 5.7% to $3,449.2 million but a 59% reduction in net profit to $42.7 million. The latter reflects COVID-related absenteeism, surgical restrictions, and higher operating costs.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the PointsBet share price with a gain of 11%. This follows the release of the sports betting company’s quarterly update and a rebound in the tech sector. The worst performer has been the ResMed share price with a 5% decline after the sleep treatment company’s quarterly update missed expectations.

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. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended Pointsbet Holdings Ltd, Ramsay Health Care Limited, and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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