Last week was a tough one for investors, with the S&P/ASX 200 Index (ASX: XJO) having its worst showing since 2020. Over the five days, the benchmark index lost 3.1% of its value to end the period at 6,997.8 points.
While a good number of shares dropped with the market, some fell more than others. Here's why these were the worst performing ASX 200 shares last week:
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Appen Ltd (ASX: APX)
The Appen share price was the worst performer on the ASX 200 last week with a 21.6% decline. Investors were selling down this artificial intelligence data services company's shares following the release of its full year results. That release revealed that Appen delivered a 3% increase in underlying EBITDA to US$77.7 million in FY 2021, which fell short of its revised guidance. Management's lack of guidance for FY 2022 also weighed on sentiment.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price wasn't far behind with its decline of 20.2%. At the start of the week, this sports betting company's shares came under fire due to the release of a disappointing update from rival DraftKings. Its shares crashed after revealing a loss of US$326 million for the fourth quarter. It also warned that it was likely to make a loss of US$1 billion in FY 2022. A selloff in the tech sector later on in the week also put pressure on PointsBet's shares.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price was out of form and tumbled 18.9% last week. Investors were selling the pizza chain operator's shares after its half year earnings fell short of expectations. Domino's reported an 11.1% increase in network sales but a 5.3% decline in underlying net profit after tax to $91.3 million. This earnings miss was driven by the underperformance of its Asian operations.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price continued its slide and dropped a further 18.1% over the five days. A good portion of this decline came on Friday when the embattled fund manager revealed that its funds under management (FUM) has declined again over the last two weeks. Magellan advised that its total FUM now stands at $77.2 billion, which is down 11.4% since its last update on 11 February.
