The S&P/ASX 200 Index (ASX: XJO) was on form and recorded a solid 2.2% gain in April.
While this was positive, not all ASX shares climbed with the market.
Here's why these ASX shares lost over 10% of their value during the month:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk Company share price was down 26% in April. Investors sold off the infant formula company's shares after it downgraded its guidance for FY 2026. The company made the move due to supply chain disruptions. Management advised that it now expects revenue growth in the low to mid double-digit range, which is down from its previous guidance of mid double-digit growth. Furthermore, its EBITDA margins are now expected to be between 14% and 14.5% in FY 2026. This is down from its prior guidance of 15.5% to 16%. As a result, A2 Milk's net profit after tax is now expected to be similar to or lower than in FY 2025.
Cochlear Ltd (ASX: COH)
The Cochlear share price had a month to forget and crashed 44% last month. This was driven by the hearing solutions company's disappointing trading update. Cochlear downgraded its FY 2026 underlying net profit guidance range to $290 million to $330 million. Previously it was guiding to underlying net profit of $435 million to $460 million. Management revealed that softer trading in developed markets is behind this. It advised that this is being driven by hospital capacity constraints and a decline in referrals from the hearing aid channel.
CSL Ltd (ASX: CSL)
The CSL share price was out of form and dropped 12% during the month. This was despite there being no news out of the biotechnology giant. However, much of its decline came following Cochlear's update. It's possible that investors believe the same softness that Cochlear is facing could be impacting CSL's performance in the second half.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price lost 21% of its value in April. The catalyst for this was news that the online furniture retailer's founder and CEO, Mark Coulter, is transitioning to an executive chair role from July. The company advised that Coulter will be replaced by Susie Sugden, who previously held the roles of chief commercial officer and chief marketing officer at the company between 2016 and 2020. Coulter commented: "Bringing back Susie – a proven former executive at Temple & Webster, will provide me with more capacity to focus on strategy and longer-term growth opportunities, which will only become more important as we scale. I look forward to working closely with Susie as we continue our journey to become the largest retailer of furniture and homewares in Australia."
