The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped deep into the red. In afternoon trade, the benchmark index is down 1.05% to 6,972.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down 6% to $19.72. Investors have been selling this debt collector's shares after it announced customer remediation plans. Credit Corp realised that it has charged people interest that it shouldn't have done. The total refund is expected to be $4 million at the most.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 12% to $7.29. This follows the release of the drinks company's full year results for FY 2022. Endeavour reported flat revenue of $11.6 billion and an 11.2% increase in net profit after tax to $495 million. This was in line with consensus estimates. The decline appears to have been triggered by a weakening trading trend into early FY 2023 for its retail segment.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 8% to $3.49. This follows the release of another disappointing result from the ecommerce company. Kogan reported an 8% decline in revenue to $718.5 million and $2.9 million net loss. The company also revealed that its active customers had slipped back under 4 million.
Service Stream Limited (ASX: SSM)
The Service Stream share price is down over 16% to 85.2 cents. This morning the essential services company reported a 94.5% increase in revenue to $1,563.8 million but a 19.4% decline in adjusted net profit after tax to $31.4 million. Service Stream's top line was boosted by the acquisition of Lendlease Services late last year.
