In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.9% to 8,219.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Block Inc. (ASX: XYZ)
The Block share price is down 26% to $68.50. Investors have been selling this payments giant's shares following the release of a disappointing quarterly update. Block reported a 3% decline in revenue to US$5.77 billion and a 9% lift in gross profit to US$2.29 billion. Both fell short of the market's expectations. Management also downgraded its guidance for the second quarter and full year. It said: "We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year. We now expect $9.96 billion in gross profit for 2025, for growth of 12% year over year."
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is down 8% to $11.97. This has been driven by the release of a trading update from the corporate travel specialist this morning. That update saw management downgrade its FY 2025 revenue guidance by approximately 4%. It also expects its EBITDA to be $30 million below its previous guidance. It said: "Broad economic and tariff uncertainty in North America and Asia has led to reductions in client activity resulting in slower growth than expected during what is traditionally the busiest period of the year."
Judo Capital Holdings Ltd (ASX: JDO)
The Judo Capital share price is down a further 3% to $1.44. This small business lender's shares have been sold off this week after it released a disappointing update. It warned: "Growth is expected to be lower than guidance provided at the 1H25 result, given market uncertainty impacting customers, the slower initial ramp up of warehouse lending, and balancing growth and economics."
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 6% to $1.62. This appears to have been driven by the release of Block's quarterly update this morning. Block is the owner of Zip's arch rival Afterpay. The market appears concerned that Zip could also be impacted by the same softness that Block is expecting in the coming quarter and have been hitting the sell button today.
