In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,251.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 27% to $2.33. Investors have been hitting the sell button in a panic after the artificial intelligence data services company released another disastrous update. For the first four months of FY 2023, Appen revealed that its revenue was down 21.4% to US$95.7 million and its constant currency underlying EBITDA was negative US$12.4 million. The latter compares to positive EBITDA of $7.9 million a year earlier.
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down 4.5% to $5.64. This has been driven by the regional bank's shares trading ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to being paid this fully franked 20 cents per share dividend on 1 June.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 4% to $4.29 despite there being no news out of the struggling online retailer. However, it is worth noting that Kogan was recently named among a group of companies that Jarden thinks could suffer from Amazon's rampant rise in Australia.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down 9% to $3.74. This follows the release of an investor update this morning. Management warned that it now expects its key Nextstellis product to achieve its breakeven weekly run rate in the United States in the first half of 2024. However, it was pleased with the performance of the whole portfolio, which it notes is delivering steady revenue growth and positive contribution margin.
