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As the S&P/ASX 200 Index looks set to finish the week on a positive note, up 0.4% to 8,079.9 points in afternoon trade, several ASX shares are experiencing declines. Here’s a look at three companies facing setbacks and the reasons behind their falling stock prices:
Appen Ltd (ASX:APX)
Appen’s share price has plummeted 13% to AU$1.06 following the release of its half-year results. The artificial intelligence data services company reported an 18.4% decrease in revenue, totaling US$113.4 million. The company also recorded an underlying net loss after tax of AU$11.8 million. Despite this, the loss represents an AU$22.4 million improvement from the previous period. Looking ahead, Appen's management is targeting cash EBITDA positivity on a run-rate basis by early H2 2024.
Dicker Data Ltd (ASX:DDR)
Dicker Data shares are down 5% to AU$9.59. The computer hardware and software distributor’s weaker-than-expected half-year results have driven the decline. The company reported a marginal 0.4% drop in gross revenue to AU$1,590.1 million and a 5.7% fall in net profit after tax to AU$35.4 million, falling short of the consensus estimate of AU$38 million. On a positive note, management remains optimistic about the second half of the year, especially after finishing the first half on a strong note.
Jupiter Mines Ltd (ASX:JMS)
Jupiter Mines' share price has dropped 14% to 18 cents. The manganese miner released its preliminary full-year results this morning, showing a net profit after tax of AU$38.9 million. However, management expressed concerns about the manganese market’s downturn. They noted significant volatility since April 2024 and a recent bearish trend due to weak downstream demand factors. The increase in manganese supply from South Africa and Ghana since June 2024 has further pressured prices, leading to a weakening sentiment in the market.
These declines highlight the challenges faced by these companies amid fluctuating market conditions and varying industry-specific issues. While the broader market shows resilience, these individual stocks are struggling to maintain their upward momentum.
