In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week in a very disappointing fashion. At the time of writing, the benchmark index is down 2.3% to 7,194.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down 7.5% to $187.27. Investors have been selling the investment bank's shares after its full year results disappointed. Although Macquarie reported a profit surge in FY 2022, this still fell short of the market's lofty expectations. Goldman Sachs was expecting a second-half profit of $2,800 million but Macquarie reported a profit of $2,663 million. Its dividend was also lower than the broker's estimates.
REA Group Limited (ASX: REA)
The REA share price is down 7% to $113.34. This property listings company's shares have come under pressure after its third-quarter update came in below expectations. For the three months ended 31 March, REA delivered a 23% increase in revenue and a 27% jump in EBITDA to $155 million. The latter was 6% lower than Goldman Sachs' estimates.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has continued its slide and is down a further 10.5% to $4.42. Investors have been selling this online retailer's shares this week after it announced its expansion into the home improvement market. Management expects this side of the business to be loss-making for several years, which didn't go down well with the market. In addition, surprisingly weak online retail data out of the US appear to be adding to the selling pressure.
Xero Limited (ASX: XRO)
The Xero share price has dropped 8% to $87.71. This has been driven by major weakness in the tech sector today following a selloff on Wall Street's tech-focused Nasdaq index. The S&P/ASX All Technology Index is down 4.6% in afternoon trade.
