The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a bang. In afternoon trade, the benchmark index is up a sizeable 0.9% to 8,299.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling on Friday:
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is down 1.5% to $8.10. This follows the release of the lithium giant's quarterly update this morning. Third quarter revenue was US$203.1 million and reported attributable net income was just US$16.1 million. Adjusted EBITDA was down to US$42.9 million. Management advised that the decline in adjusted EBITDA compared to the second quarter was attributable to lower average realised prices and lower volumes, in addition to higher costs.
Block Inc (ASX: SQ2)
The Block Inc share price is down 7% to $110.85. Investors have been selling this payments company's shares today following the release of its quarterly update. For the third quarter, Block reported a 6.4% increase in revenue to US$5.98 billion and a 69% lift in adjusted in adjusted EBITDA to US$807 million. The former was short of consensus estimates by US$280 million. In addition, the Square and Afterpay owner revealed that it expects its fourth quarter adjusted EBITDA to be US$725 million. This is also short of the consensus estimate of US$754 million.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo Interactive share price is down 4% to $12.42. This morning, this online lottery ticket seller released a trading update at its annual general meeting. Management revealed that its group Total Transaction Value (TTV) and revenue were down 4.9% and 8.1% respectively on the prior corresponding period during the first four months of FY 2025. This was mainly due to the subdued jackpot environment. However, Jumbo continues to tightly control its cost base and manage its product portfolio. This is to ensure that its earnings margin is in line with its previous guidance.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is down 2% to $37.70. This appears to have been driven by news that a major ratings agency has downgraded the mining and mining services company. According to the AFR, Moody's has downgraded the company's rating to negative, citing the "negative implications" of the recent governance issues relating to its founder and CEO, Chris Ellison. Mineral Resources shares are down 26% since this time last month.
