4 ASX tech shares tumbling on results releases

These ASX tech stocks are taking a dive on Tuesday. But why?

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A number of ASX tech shares have released their latest results this morning.

Unfortunately, it seems that not all these results have gone down well with the market.

Here's are four ASX tech shares falling after reporting their latest numbers:

Altium Ltd (ASX: ALU)

The Altium share price is down 1% to $64.45. This morning, the electronic design software provider released its half-year results and reported a 15.9% increase in revenue to US$136.6 million and an 11.4% lift in net profit after tax to US$33 million. Altium declared an interim dividend of 30 cents per share, which is up from 25 cents per share a year earlier.

Altium is in the process of being acquired by Japanese tech company Renesas.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price is down 1.5% to $11.68. This follows the release of the computer hardware and software distributor's full-year results which revealed a 5.6% increase in gross revenue to $3.3 billion and a 12.5% jump in net profit after tax to $82.15 million.

Dicker Data's Chairman and CEO, David Dicker, said:

The last few years have been somewhat difficult. Last year, another one. However, we still increased gross sales by over 5% and after tax profits by 12.5%. Our NZ operation continues to improve and our security business has great growth potential. All in all, a very satisfying result, especially when compared to our direct competitors, and the more general market. Things are starting to look up on the general front and 2024 looks promising.

Readytech Holdings Ltd (ASX: RDY)

The Readytech share price is down 10% to $3.22. This morning, this enterprise software provider reported a 14.2% increase in revenue to $54.7 million and a 10.6% lift in underlying EBITDA to $17.4 million.

However, it has lowered its expectations for the second half. Readytech's co-founder and CEO, Marc Washbourne, said:

Due to timing of a number of high conviction enterprise contracts shifting to FY25, we now expect the growth rate for FY24 to be in the low double digits. Accordingly, we have updated our medium-term target to exceed organic revenue growth of $170.0 million by FY27.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 8% to $4.10. This follows the release of the semiconductor company's half-year results. The heavily shorted $800 million company reported a grand total of $153,000 in revenue for the six months with a loss of $25.2 million.

This reflects higher research and development costs of $18 million for the period and the doubling of its sales and marketing expense to $3.3 million.

Motley Fool contributor James Mickleboro has positions in Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Dicker Data, and ReadyTech. The Motley Fool Australia has positions in and has recommended Dicker Data. The Motley Fool Australia has recommended ReadyTech. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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