The S&P/ASX 200 Index (ASX: XJO) is having another disappointing session. In late trade, the benchmark index is down 0.8% to 6,800.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Block Inc (ASX: SQ2)
The Block share price is down 8% to $65.55. Investors have been selling this payments company's shares following a very poor night of trade for its NYSE-listed shares. This appears to have been driven by a disappointing update from industry peer Worldline in France.
G8 Education Ltd (ASX: GEM)
The G8 Education share price is down almost 12% to 97.2 cents. This morning, this childcare centre operator announced that it would be selling 31 centres to an industry rival. However, it won't be receiving a cent for them. Instead, it will be paying TAK Operations $26.5 million to take them off its hands. The centres are currently posting a collective EBIT loss of ~$3 million.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 17% to $9.52. This follows the release of the network services company's quarterly update. Although Megaport reported revenue of $46.5 million and record EBITDA of $15 million, it seems some investors were expecting a much stronger result.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 1.5% to $3.82. Investors have been selling this lithium miner's shares on Thursday after its quarterly update fell short of expectations on a number of key metrics. Production, sales volumes, and average realised lithium price all missed consensus estimates for the period.
