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:
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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.
