The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.1% to 8,334.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 10% to $1.31. This may have been driven by profit taking from some investors after a strong gain last week. Investors were buying the artificial intelligence data services company's shares following the release of a guidance update at its annual general meeting. Appen revealed that it is expecting revenue between $235 million and $260 million for the year. This implies flat to 10.9% growth for the year. It also expects positive underlying EBITDA for FY 2025. Appen's shares remain up almost 70% since this time last month despite today's pullback.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 4.5% to $1.23. This appears to have been driven by news that a rival has won a major counter-drone contract. This morning, Electro Optic Systems Holdings Ltd (ASX: EOS) revealed that it has secured a new order for Remote Weapon Systems amounting to 31 million euros (A$53 million). The company notes that the order is from a European naval systems integration business. The order is for its flagship "Slinger" Counter-Drone Remote Weapon System (RWS), and the systems will be configured for naval deployment.
Gentrack Group Ltd (ASX: GTK)
The Gentrack Group share price is down almost 6% to $10.51. This follows the release of the utilities software company's half year results this morning. For the six months ended 31 March, Gentrack reported a 9.8% increase in group revenue to NZ$112 million. This was driven by strong revenue growth across both the Utilities and Veovo divisions. And while EBITDA grew at a slower rate of 5.1% to NZ$13 million, its net profit after tax jumped 34.7% to NZ$7.2 million. Though, the latter was boosted by a lower tax rate and foreign exchange gains. It seems that the market was expecting a stronger result.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down almost 7% to $3.66. Investors have been selling this coal miner's shares following the release of its third quarter update. New Hope reported a 27% decline in underlying EBITDA to $155.2 million for the three months. It also downgraded its production guidance for the year due to challenges with rail capacity and performance at the New Acland mine.
