The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday. In afternoon trade, the benchmark index is down 0.6% to 8,021.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Adairs Ltd (ASX: ADH)
The Adairs share price is down 12% to $1.81. Investors have been selling this homewares retailer's shares following the release of its full year results. Adairs reported a 6.6% decline in total sales to $594.4 million. Things were much worse for its net profit after tax, which was down 17.8% to $31.1 million. Management also revealed that for the first eight weeks of FY 2025, sales are down 0.4% compared to the prior corresponding period. Despite this poor performance, the Adairs board elected to increase its dividend by 50% to 12 cents per share.
EML Payments Ltd (ASX: EML)
The EML Payments share price is down 7% to 72 cents. This has been driven by the release of the payments company's FY 2024 results on Wednesday. EML Payments reported an 18% increase in revenue (from continuing operations) to $217.3 million and a 34% lift in underlying EBITDA to $49 million. This excludes the liquidation of the PFS Card Services Ireland business. It seems that investors were expecting an even stronger performance from its continuing operations.
Nextdc Ltd (ASX: NXT)
The NextDC share price is down 5% to $16.91. Investors have been selling the data centre operator's shares after its guidance for FY 2025 overshadowed a strong FY 2024 result. NextDC's underlying EBITDA is expected to be in the range of $210 million to $220 million. This will be up a modest 2.8% to 7.7% year on year. Goldman Sachs notes that this is 4% lower than its estimates. It believes this is due to "a slower ramp in NXT order-book (vs. 1H24 commentary)." Though, the broker points out that "NXT is historically conservative on guidance (5Y average EBITDA beat of +2.8%)."
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is down over 12% to 49.5 cents. This morning, the gambling company released its FY 2024 results and reported declines across the board. Tabcorp's revenue was down 3.9% year on year to $2.34 billion and its EBITDA fell 18.7% to $317.7 million. It also recorded a statutory net loss of $1.36 billion for the year. This was driven by non-cash impairment charges totalling $1.38 billion after tax. In light of this poor financial performance, the company slashed its dividend by 43.5%.
