In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is under pressure again. At the time of writing, the benchmark index is down 0.15% to 7,137.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 12% to $4.35. This follows the release of the infant formula company's FY 2023 results. Although A2 Milk delivered a strong result, its guidance for FY 2024 appears to have disappointed the market. In addition, management highlights that the Chinese infant formula market is becoming very challenging due to declining birth rates.
Adairs Ltd (ASX: ADH)
The Adairs share price is down 14% to $1.44. Investors have been selling this homewares retailer's shares after it released its FY 2023 results. Adairs posted a 10.1% increase in sales to $621.3 million but a 16.4% decline in EBIT to $63.9 million. Management also revealed that FY 2024 has started poorly, with sales down 8.9% during the first seven weeks.
Elders Ltd (ASX: ELD)
The Elders share price is down 8% to $6.55. This morning, this agribusiness company downgraded its EBIT guidance for FY 2023. Elders now expects EBIT between $165 million and $175 million for the 12 months. This is down from its previous guidance range of between $180 million and $200 million. Rural Products sales have been lower than forecast.
Iress Ltd (ASX: IRE)
The Iress share price is down a massive 30% to $7.04. Investors have been hitting the sell button after the fintech company posted a half-year net loss after tax of $139.8 million. While was due largely to significant items, things weren't much better on an underlying basis. The company's underlying net profit after tax was down 31% to $24.4 million. Iress has also suspended its dividend and downgraded its FY 2023 earnings guidance.
