Why Block, IDP Education, Monash IVF, and Xero shares are dropping

These ASX shares are falling hard on Thursday…

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The S&P/ASX 200 Index (ASX: XJO) is back heading south again on Thursday afternoon. At the time of writing, the benchmark index is down 1.5% to 6,961 points.

Four ASX shares that are falling more than most are listed below. Here’s why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down a massive 17% to $101.08. This follows a similarly sharp decline for the payments giant’s NYSE listed shares on Wall Street overnight. Block appears to have been caught up in a tech selloff in the United States amid concerns over sky high inflation.

IDP Education Ltd (ASX: IEL)

The IDP share price is down over 9% to $22.69. Investors have been selling this language testing and student placement company’s shares after it announced the resignation of its long-serving CEO, Andrew Barkla. He will be stepping down from the role in September after more than seven years at the helm. A global search for a replacement will now get underway.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 5.5% to $1.10. This follows the release of a trading update out of the fertility treatment company. That update revealed that the current environment has negatively impacted stimulated cycle activity and profitability between January to April as patients defer treatment. As a result, Monash IVF’s adjusted net profit after tax is expected to be $22 million in FY 2022. This will be down from $23.3 million in FY 2021.

Xero Limited (ASX: XRO)

The Xero share price is down 12% to $76.53. Investors have been selling the cloud accounting platform provider’s shares amid weakness in the tech sector and the release of its full-year results. In respect to the latter, Xero reported a 29% increase in revenue to NZ$1.1 billion and an 11% lift in earnings before interest, tax, depreciation and amortisation (EBITDA) to NZ$212.7 million. However, this fell short of Goldman Sachs’ estimates, as did its subscriber growth.

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 Block, Inc., Idp Education Pty Ltd, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc. and Xero. 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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