In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a disappointing fashion. At the time of writing, the benchmark index is down 0.95% to 7,114 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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PEXA Group Ltd (ASX: PXA)
The Pexa share price is down 6% to $11.81. Investors have been selling this property technology company's shares after it posted a loss after tax of $21.8 million for FY 2023. This was down from a profit of $21.9 million a year earlier. Management blamed this on challenging market conditions.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 7.5% to $4.72. Although this lithium miner released its FY 2023 results and revealed stellar profit growth, it still fell short of lofty expectations. Pilbara Minerals posted a 242% increase in revenue to $4,064 million and a 329% jump in underlying profit after tax to $2,276.3 million. As a comparison, Goldman Sachs was forecasting revenue of $4,261.9 million and net profit of $2,414.5 million.
South32 Ltd (ASX: S32)
The South32 share price is down almost 6% to $3.45. This appears to have been driven partly by a broker note out of Macquarie. In response to the mining giant's FY 2023 results, the broker has downgraded the company's shares to a neutral rating and cut the price target on them by 18% to $3.60.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 5% to $4.83. This morning, this pre-revenue meme stock released its full-year results and revealed a loss of $39 million. Despite this loss, the company ended the year with a cash balance of $88 million thanks to a $60 million capital raise during the year. All eyes will now be on its sales figures in FY 2024 to see if it justifies its valuation.
