At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. The benchmark index is currently down 2.5% to 7,178.5 points.
Here's what is happening on the ASX 200 today:
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Macquarie full year results
The Macquarie Group Ltd (ASX: MQG) share price is falling on Friday. This follows the release of the investment bank's full year results. Although Macquarie reported a profit surge in FY 2022, this still fell short of the market's lofty expectations. The company reported a second-half net profit of $2,663 million, up 31% over the prior corresponding period. This compares to Goldman Sachs' estimate of $2,800 million. Macquarie's $3.50 per share final dividend was also short of Goldman's forecast of $4.40 per share.
Block misses on earnings but outlook impresses
The Block Inc (ASX: SQ2) share price is trading lower but faring better than most in the tech sector today. This follows the release of a first quarter update that revealed softer than expected revenue and earnings. However, a strong start to the second quarter has offset this and prevented a much greater selloff.
REA shares sold off
The REA Group Limited (ASX: REA) share price has crashed to a 52-week low after the property listings company's third-quarter update disappointed. For the three months ended 31 March, REA delivered a 23% increase in revenue to $278 million and a 27% increase in EBITDA to $155 million. However, this was 7% and 6% lower, respectively, than Goldman Sachs' estimates.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the PolyNovo Ltd (ASX: PNV) share price with a 4% gain. This follows news that insiders have been buying the medical device company's shares. Going the other way, the News Corp (ASX: NWS) share price is the worst performer on the index with an 11% decline. This follows the release of the media giant's quarterly update.
