In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.25% to 8,666.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Appen Ltd (ASX: APX)
The Appen share price is down 27% to $1.13. Investors have been selling this artificial intelligence (AI) data services company's shares following the release of its quarterly update. Although the company posted a 9% increase in revenue to $54.8 million, it is still barely profitable at an EBITDA level. In addition, the performance of its Appen Global business may have spooked investors. It reported a 37% decline in revenue to $19.9 million.
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is down a further 7% to $5.26. Investors have been selling this gold miner's shares this week following the release of its quarterly update. Catalyst reported gold production of 26,127 ounces with an all-in sustaining cost (AISC) of A$2,901 per ounce. And while the company has reaffirmed its production guidance of 100,000 ounces to 110,000 ounces, it has lifted its cost guidance. It now expects its FY 2026 AISC to come in at A$2,750 per ounce to A$2,950 per ounce. This compares to its previous guidance range of A$2,200 per ounce to A$2,650 per ounce.
South32 Ltd (ASX: S32)
The South32 share price is down 7% to $3.96. This follows the release of an update on the first development of its Hermosa project in Arizona, United States. Management revealed that it has increased development costs by 50%. It said: "Our expected growth capital expenditure for Taylor has been updated to ~US$3,300M. This includes scope changes with the addition of decline access, revised shaft construction costs, materially higher inflation, industry-wide increases in key input costs such as steel, piping, concrete and electrical, and United States tariffs."
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down almost 7% to $34.75. Investors have been selling the supermarket giant's shares following the release of its third-quarter sales update. Woolworths reported a 4.5% lift in group sales to $18.1 billion, led by a 5.9% increase in Australian Food sales and a 20.2% jump in ecommerce sales. However, CEO Amanda Bardwell revealed that Australian Food earnings are no longer expected to be as strong as previously thought. She said: "Reported F26 Australian Food EBIT growth is still expected to be in the mid to high single digit range but no longer at the upper end of the range."
