In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 6,847.4 points.
Four ASX shares that have failed to follow the market higher are listed below. Here's why they are tumbling lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has crashed 16% lower to $8.79. Investors have been selling the infant formula and fresh milk company's shares following the release of its half year results. Although the infant formula and fresh milk company delivered a first half result in line with expectations, it was forced to downgrade its full year guidance once again.
Service Stream Limited (ASX: SSM)
The Service Stream share price is sinking 20% lower to $1.36. The catalyst for this was the release of a disappointing half year result after the market close on Wednesday. After a difficult first half, the essential network services provider warned that its second half could be just as tough. In light of this, it advised that the higher contribution that it expected in the second half is unlikely to materialise.
TPG Telecom Ltd (ASX: TPG)
The TPG share price has fallen over 2.5% to $6.83. This morning the telco released its full year results and revealed a 24% jump in annual revenue to $4.35 billion and an 18% lift in EBITDA to $1.39 billion. However, this was largely due to a six-month contribution from the Vodafone Australia business. This may have been softer than the market was expecting.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 7% to $11.02 despite releasing a half year result which revealed further strong growth across key metrics. For the six months ended 31 December, Zip reported a 141% increase in total transaction volume (TTV) to $2.32 billion. This led to a 130% jump in half year revenue to $160 million. It appears as though investors were expecting an even stronger result.
