Why Brainchip, DGL, Weebit Nano, and Zip shares are dropping today

These ASX shares are being hit hard on Tuesday. But why?

The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday. In afternoon trade, the benchmark index is down 0.2% to 7,635 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

Image source: Getty Images

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 26% to 36 cents. Investors have been selling the semiconductor company's shares after it released its FY 2023 results. They appear disappointed that Brainchip continues to generate almost no revenue and burn through cash like kindling. Brainchip reported revenue of US$232,000 and a loss after tax of US$28.9 million.

DGL Group Ltd (ASX: DGL)

The DGL share price is down 42% to 60 cents. This follows the release of the industrial solutions company's half-year results. DGL reported a 3% increase in revenue to $217 million but a 43% reduction in statutory net profit after tax to $5.9 million. Unreliable weather forecasts and supply chain disruptions impacted first-half results.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 10% to $4.01. This has been driven by the release of the semiconductor company's half-year results. The heavily shorted company reported a grand total of $153,000 in revenue for the six months with a loss of $25.2 million. Weebit Nano currently has a market capitalisation of $750 million.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 9.5% to 84.5 cents. This is despite the buy now pay later provider delivering a strong half-year result this morning. Zip reported a 28.9% increase in revenue to $430 million and group cash EBTDA of $30.8 million. The latter is up from negative $33.2 million a year earlier. It appears that investors were pricing in even stronger growth.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Codan share price A dismayed kid dressed as a scientist stands with his back to a rocket crashed into the ground
Share Fallers

Xero shares crash to a 7-year low after a brutal sell-off

The decline has wiped out years of share price gains.

Read more »

Two miners at a mine site on their tablets, with mining machinery behind them.
Share Fallers

Why has the Mineral Resources share price fallen 12% this week?

It’s been another tough week for Mineral Resources shareholders.

Read more »

A man holds his hand to his chin with a furrowed brow, making an expression of puzzlement or confusion.
Share Fallers

Top 3 ASX 200 shares now below their 200-day moving average

Are these businesses still a buy?

Read more »

A young man clasps his hand to his head with a pained expression on his face and a laptop in front of him.
Share Fallers

What are the most shorted ASX shares on the market right now?

Two names, two opposite bear cases.

Read more »

An arrow crashes through the ground as a businessman watches on.
Share Fallers

Warning: Corporate Travel shares have crashed 80%. What on earth just happened?

An 80% crash has left investors asking what went so wrong.

Read more »

Stressed businessman sits in panic amid digital stock market financial background.
Share Fallers

The five worst-performing ASX 200 shares in August unmasked

Investors sent these five ASX shares crashing 17% to 23% in August. But why?

Read more »

Stressed businessman sits in panic amid digital stock market financial background.
Share Fallers

Why Megaport, Lendlease and JB Hi-Fi shares all crashed 14% to 15% this week

ASX investors punished Lendlease, Megaport, and JB Hi-Fi this week. But why?

Read more »

Woman checking out new laptops.
Consumer Staples & Discretionary Shares

Down 14% today: Are JB Hi-Fi shares now a bargain-bin buy?

Could JB's plunge mean a bargain buy?

Read more »