In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. At the time of writing, the benchmark index is down 0.15% to 8,072.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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DroneShield Ltd (ASX: DRO)
The DroneShield share price is down almost 9% to $1.16. This follows the release of the counter drone technology company's half year results. DroneShield posted a 110% increase in revenue to $24.1 million but a net loss of $4.8 million. This is up from a loss of $2.9 million a year earlier. Nevertheless, DroneShield ended the period with a cash balance of $230 million and a $32 million contracted order backlog. It also has a sales pipeline valued at $1.1 billion, which is expected to drive further sales growth in the second half.
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is down 3% to $34.71. Investors have been hitting the sell button today after the quick service restaurant operator released its full year results. Although Guzman Y Gomez delivered a result ahead of its prospectus forecasts, it seems that the market was pricing in even stronger growth. The company reported a 32.1% increase in revenue to $342.2 million and a 52.9% lift in pro forma EBITDA to $44.8 million.
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down 26% to $4.13. Investors have been rushing to the exits after the insurance building and restoration services company released a very disappointing full year result. Johns Lyng reported a 9.6% decline in revenue to $1.16 billion and an 8.5% lift in EBITDA to $129.6 million. This fell short of its guidance for revenue of $1.2 billion and EBITDA of $136.4 million. Unfortunately, management is forecasting declines in revenue and EBITDA in FY 2025.
Zip Co Ltd (ASX: ZIP)
The Zip Co share price is down 9% to $2.06. This follows the release of the buy now pay later provider's full year results this morning. Zip posted a 28.2% increase in revenue to $868 million and a sizeable 243.2% increase in cash earnings before tax, depreciation and amortisation (EBTDA) to $69 million. However, it seems that the market was expecting even stronger growth from the company. Especially given that its shares are up over 500% since this time last year even after today's decline.
