Why Appen, Flight Centre, Fortescue, and Platinum shares are sinking today

These shares are having a tough session on hump day. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.35% to 8,223.7 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down 29% to $2.05. Investors have been hitting the sell button today after the artificial intelligence data services company released its full year results. Appen reported a 14% decline in revenue to $234.3 million and a net loss of $20 million. Looking ahead, no guidance was given for FY 2025. However, management stated its ambition to "deliver profitable growth."

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 11% to $15.75. This has been driven by the release of the travel agent giant's half year results. Flight Centre reported flat revenue of $1.3 billion and a 7% lift in underlying profit before tax to $117 million. And while the company has reaffirmed its FY 2025 guidance of underlying profit before tax in the range of $365 million to $405 million, the market seems to be doubting Flight Centre's ability to deliver on this given its first half profits.

Fortescue Ltd (ASX: FMG)

The Fortescue share price is down 4% to $17.19. The catalyst for this has been the iron ore miner's shares going ex-dividend this morning for its interim dividend. Earlier this month, the company released its half year results and declared a fully franked interim dividend of 50 cents per share. This may be less than half what it paid a year earlier but it still represents a 2.8% dividend yield based on yesterday's close price. Eligible shareholders can now look forward to being paid this dividend next month on 27 March.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 20% to 60 cents. Investors have been selling this investment company's shares following the release of its half year results after the market close on Tuesday. Platinum posted a 23% decline in revenue to $76.6 million and a 55% decline in profit to $15.9 million. In other news, Platinum has announced that co-chief investment officers Andrew Clifford and Clay Smolinski are to step down from their roles. Clifford has worked at Platinum for 31 years and is a former chief executive of the struggling company.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen. The Motley Fool Australia has recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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