The S&P/ASX 200 Index (ASX: XJO) has returned to form on Thursday and is pushing higher. At the time of writing, the benchmark index is up 0.45% to 8,277 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Appen Ltd (ASX: APX)
The Appen share price is down a further 5% to $1.82. Investors have been selling this artificial intelligence data services company's shares since the release its full year results this week. Appen reported a 14% decline in revenue to $234.3 million and a net loss of $20 million. Looking ahead, no guidance was given for FY 2025, but management stated its ambition to "deliver profitable growth."
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 12% to $10.36. Although this language testing and student placement company was expected to deliver a weak first half result, what IDP Education reported appears to have been even worse than feared. Goldman Sachs commented: "IEL reported a miss to consensus (Revenue/Ebit/Npat was -4%/-11%/-15%) amidst an increasingly challenged and uncertain operating environment with industry outlook expectations downgraded."
Objective Corporation Ltd (ASX: OCL)
The Objective Corporation share price is down 8% to $14.89. This software company's shares are tumbling today after it released its half year results and reported only modest growth. Objective revealed a 6% increase in revenue to $61.3 million and a 4% lift in net profit after tax to $17 million. And while annualised recurring revenue (ARR) grew at 10%, it is run-rating well short of its 15% full year target. Though, its CEO, Tony Walls, appears optimistic. He said: "The performance of the business in 1HY2025 was in line with our expectations and again demonstrated the underlying strength of our business model. With this momentum, we are well placed against our targeted ARR growth of 15% and we have taken a robust set of advanced opportunities into the second half of the financial year."
Siteminder Ltd (ASX: SDR)
The Siteminder share price is down almost 4% to $5.41. This may have been driven by a broker note out of Morgans today. According to the note, the broker was disappointed with the travel technology company's performance during the first half. As a result, it has downgraded its shares to a hold rating with a reduced price target of $6.40.
