WiseTech Global Ltd (ASX: WTC) shares are falling on Friday.
In early trade, the logistics solutions technology company's shares are down 4% to $61.50.
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Why are WiseTech shares sinking?
Investors have been selling the company's shares today after a market selloff overshadowed the release of an update at its annual general meeting.
At the time of writing, the ASX 200 index is down 2% and the S&P/ASX All Technology Index is down 2.3%.
This follows an unexpectedly poor night of trade on Wall Street on Thursday, when the market was expecting a positive session following a strong result from Nvidia (NASDAQ: NVDA).
Annual general meeting update
Ahead of the main event today, WiseTech released an update on its performance in FY 2026.
Pleasingly, the company appears to be trading in line with expectations so far this year. As a result, WiseTech's new CEO, Zubin Appoo, has reaffirmed its guidance for FY 2026. He said:
Looking ahead, we reconfirm our guidance and expect revenue between $1.39 and $1.44 billion and EBITDA of $550 to $585 million. As outlined when we announced our FY25 Results in August, the e2open integration will temporarily impact margins – and that is exactly as planned.
We have a clear execution roadmap, backed by more than three decades of successfully integrating strategic acquisitions and rebuilding margin strength. We know how to do this. Through disciplined execution, cost alignment, and synergy realization, we will restore and expand our margin profile over the medium term.
At the event, WiseTech's founder, Richard White, spoke positively about the company's outlook. He said:
As we look ahead, I see a WiseTech that has increased its reach significantly, has access to larger addressable market with new adjacencies, is more innovative, more global, and more deeply embedded in the world's logistics processes and supply chains than ever before.
With Zubin leading a talented team, a renewed and diverse Board, and an unmatched product suite, we are focused on the opportunities ahead. As one of Australia's most successful global tech companies, and the leader in technology solutions for global trade and supply chain logistics, we're continuing to push the boundaries of innovation in one of the world's most vital industries, driving the next phase of our growth.
Shareholders won't have to wait long until there is a further update from the company.
It notes that on 3 December it will be holding its Investor Day. At the event, the company plans to provide more details on the next phase of its strategy. This includes the rollout of its new commercial model, and progress relating to Container Transport Optimization and the e2open integration.
