The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday. In afternoon trade, the benchmark index is down 0.2% to 7,635 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 26% to 36 cents. Investors have been selling the semiconductor company's shares after it released its FY 2023 results. They appear disappointed that Brainchip continues to generate almost no revenue and burn through cash like kindling. Brainchip reported revenue of US$232,000 and a loss after tax of US$28.9 million.
DGL Group Ltd (ASX: DGL)
The DGL share price is down 42% to 60 cents. This follows the release of the industrial solutions company's half-year results. DGL reported a 3% increase in revenue to $217 million but a 43% reduction in statutory net profit after tax to $5.9 million. Unreliable weather forecasts and supply chain disruptions impacted first-half results.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 10% to $4.01. This has been driven by the release of the semiconductor company's half-year results. The heavily shorted company reported a grand total of $153,000 in revenue for the six months with a loss of $25.2 million. Weebit Nano currently has a market capitalisation of $750 million.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 9.5% to 84.5 cents. This is despite the buy now pay later provider delivering a strong half-year result this morning. Zip reported a 28.9% increase in revenue to $430 million and group cash EBTDA of $30.8 million. The latter is up from negative $33.2 million a year earlier. It appears that investors were pricing in even stronger growth.
