2 ASX shares crumbling over 7% on results announcements

These ASX shares just reported some depressing earnings.

Sebastian Bowen

Author Bio Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record. Areas of Expertise Dividend investing ETFs Education Bachelor of Political, Economic, and Social Sciences (Government and International Relations), University of Sydney Social Media X/Twitter Favorite Investment Quote "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." – Benjamin Graham

Published February 27, 2023 3:30 pm AEDT

As many readers would know, earnings season is still in full swing on the ASX this week. The All Ordinaries Index (ASX: XAO) has started the week off on a shaky foot, recording a rather nasty 1.33% fall for ASX shares so far this Monday. Contributing to these losses today are some of ASX's latest earnings results.

So let's check out two ASX shares that are crashing big time this session after reporting some lacklustre earnings this morning.

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen. — Image source: Getty Images

2 ASX shares copping a 7%-plus pounding today

Invocare Ltd (ASX: IVC)

ASX 200 funeral services provider Invocare is first up. Invocare reported its earnings this morning for the full 2022 financial year. It was a bit of a mixed bag for the company.

Invocare reported revenues of $591.97 million for the 12 months, up 11.2% from $532.5 million in 2021. But net profits collapsed, falling from an $80.3 million profit in FY2021 to a $1.71 million loss in FY2022.

The company's final dividend will take a haircut as a result, falling from 11.5 cents per share in 2022 to 11 cents per share.

Investors have not taken kindly to these earnings. The Invocare share price is currently down a nasty 10.4% to $9.91. That puts Invocare shares at a 28.45% loss over the past five years:

Airtasker Ltd (ASX: ART)

Next up we have ASX tech share Airtasker. Airtasker isn't too long into its life as an ASX-listed company, having only floated back in March 2021. The online gig-centric marketplace provider also reported its own numbers today, this time covering the first six months of FY2023.

It was a generally positive earnings report on the face of it. Airtasker reported a 57% jump in revenues to $21.8 million. Gross marketplace volumes also rose by 58% to $131.7 million, while gross profits spiked 58% to $20.3 million.

But Airtasker also revealed that its earnings before interest, tax, depreciation and amortisation (EBITDA) ballooned from a loss of $3.7 million in the prior period to a loss of $5.1 million for this half.

Investors were not impressed by any of this though, and have sent Airtasker shares down by a hefty 7.14% to 26 cents a share so far this session. The company is now down by a depressing 61.8% over the past 12 months:

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