The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down 0.25% to 7,794.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is down a further 14% to $3.41. Investors have been scrambling to the exits since the release of a first-quarter sales update from the regenerative medicine company on Thursday. That update reveals that management now expects commercial revenue to be in the range of US$11 million to US$11.3 million for the quarter. This compares to its previous guidance of US$14.8 million to US$15.6 million. The revision in guidance is attributable to a slower-than-expected conversion rate of new accounts for its expanded label of full-thickness skin defects.
Cettire Ltd (ASX: CTT)
The Cettire share price is down 4% to $3.22. This follows the release of the online luxury products retailer's third quarter update this morning. Initially, the market cheered on the update, sending Cettire's shares rocketing higher. However, it seems that eventually it started to focus less on its stunning sales growth and more on its softer earnings. Despite almost doubling its sales, Cettire's underlying EBITDA only came in at $6 million. This is significantly less than its quarterly average during the first half of FY 2024.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is down 4% to $41.80. Investors have been selling the pizza chain operator's shares following the release of its strategy presentation. While Domino's laid out big plans for sustainable long-term growth, it seems that not everyone in the market is as confident as management. Domino's shares are now down approximately 30% since the start of the year.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 8% to 50.2 cents. This follows the release of a trading update from the struggling casino and resorts operator. Unfortunately for shareholders, the company reported net revenue of $419.2 million for the three months. This is down 4.6% from $439.5 million in the prior corresponding period. Management blamed the weakness on its Premium Gaming Rooms (PGRs) revenue, which was down sharply across all of its properties during the quarter. Also falling during the quarter were its earnings. Star's EBITDA was down 11.5% to $37.9 million for the period.
