The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 1.3% to 7,213.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Appen Ltd (ASX: APX)
The Appen share price is down 13% to $2.39. This morning, the struggling artificial intelligence data services provider released its full-year results and reported a sizeable decline in sales. Things were even worse on the bottom line, with Appen swinging from a US$40.6 million profit in FY 2021 to a US$22.8 million underlying loss in FY 2022. Management also revealed that it has had a soft start to FY 2023.
Downer EDI Ltd (ASX: DOW)
The Downer EDI share price is down 23% to $3.06. Investors have been selling this integrated services company's shares after it released its half-year results. Downer reported a 2.9% increase in revenue to $6.1 billion but a 20.3% decline in profit to $68.1 million. Management blamed the latter on unprecedented weather, labour shortages, and contract and project losses in its utilities segment. Downer also downgraded its full-year guidance again.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 7% to $20.85. Some of this decline is due to the iron ore miner's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving this dividend towards the end of next month.
InvoCare Limited (ASX: IVC)
The InvoCare share price is down over 10% to $9.91. Investors have been selling this funerals company's shares after its full-year result disappointed the market. Invocare posted a 12% increase in revenue but a loss of $1.8 million. The latter was impacted by an unrealised mark-to-market revaluation of pre-paid funds under management and contract liabilities.
