Three ASX All Ords shares are having a particularly tough run today.
The All Ordinaries Index (ASX: XAO) is following US markets lower on Wednesday, down 1.34% in afternoon trade.
But these three ASX All Ords stocks are faring far worse following earnings results that have clearly disappointed investors.
Let's have a look.
Why are these 3 ASX All Ords shares tumbling today?
The first ASX All Ords share that's taking a dive on Wednesday is Fletcher Building Ltd (ASX: FBU).
At the time of writing, shares in the New Zealand-based building and materials company are down 6.9%, trading for $4.72 apiece.
Fletcher Building reported strong FY23 revenue of $8.5 billion, roughly in line with FY22.
But investors may be disappointed in the slide in net profit after tax (NPAT), which fell to $235 million, down from $432 million in FY22.
Fletcher Building CEO Ross Taylor said FY23 NPAT was "impacted by significant items charges of $301 million".
Taylor noted, "The significant items related mainly to additional provisions of $255 million on the New Zealand International Convention Centre and Hobson Street Hotel project."
Shares in the multimedia company are currently trading for 38 cents apiece, down 5%.
Seven West reported it had achieved "solid performance in a challenging environment".
Despite that solid performance, the Seven West share price looks to be under selling pressure following a 7.9% decline in the total TV advertising market in FY23.
Investors also appear to be hitting the sell button after the ASX All Ords share reported an 18% year on year drop in earnings before interest, taxes, depreciation and amortisation (EBITDA), which came in at $280 million.
Net cash flow before temporary and capital items of $155 million was down 19% on FY22.
Shares in the Aussie property developer and manager were down almost 10% in early trade but have since regained much of that ground. At the time of writing the Dexus share price is $7.795, down 2.68%.
Much of that selling pressure facing the ASX All Ords share today is likely linked to the FY23 statutory net loss after tax of $753 million. That's a far cry from the statutory net profit after tax of $1.62 billion reported in FY22.
Dexus said the FY23 losses were "primarily driven by unrealised fair valuation losses on investment property in FY23 compared to gains in FY22".