In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is a sea of red. At the time of writing, the benchmark index is down 2.9% to 6,995.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Image source: Getty Images
Appen Ltd (ASX: APX)
The Appen share price is down 28% to $6.18. Investors have been selling down this artificial intelligence data services company's shares following the release of its full year results. Appen reported an 8% increase in revenue to a record of US$447.3 million and a 3% increase in underlying EBITDA to US$77.7 million. The latter fell short of its revised guidance.
City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down 33% to $3.40. Investors have been selling this plus sized fashion retailer's shares after its half year results disappointed. City Chic reported a 49% lift in revenue to $178.3 million but a 6% reduction in net profit to $12.3 million. The company decided against paying an interim dividend.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 9% to $18.31. This morning the travel agent giant reported a $188 million first half loss. And while management has reaffirmed its profitability targets, it hasn't been enough to stop its shares from tumbling. Flight Centre expects its corporate business to return to profit in March-April, whereas the global leisure business is expected to return to profit later in the second half.
Life360 Inc (ASX: 360)
The Life360 share price has crashed 30% lower to $4.58. Investors have been selling down this app maker's shares following the release of its full year results. Although Life360 delivered strong top line growth, its losses grew strongly. Also weighing on its shares was management acknowledging that privacy concerns are impacting the tracking tech category.
