The S&P/ASX 200 Index(ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 1% to 6,948.3 points.
Four ASX shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
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Challenger Ltd (ASX: CGF)
The Challenger share price is under pressure again and down 7% to $5.18. Investors have been selling the annuities company's shares since the release of its third quarter update. While Challenger delivered solid asset growth, its margins have come under pressure due to a sharp decline in credit spreads over the year that were not fully reflected in customer pricing. This means the company is only guiding to the low end of its profit guidance range for FY 2021.
Nuix Ltd (ASX: NXL)
The Nuix share price has crashed almost 17% to $4.22. This morning the investigative analytics and intelligence software provider downgraded its FY 2021 guidance just six weeks since reaffirming it. Nuix advised that during April, a significant and larger than expected number of customers elected to transition from module-based subscription licenses to consumption and Software-as-a-Service (SaaS) license models. This has resulted in a shift in both revenue and Annualised Contract Value (ACV) profiles.
Splitit Ltd (ASX: SPT)
The Splitit share price has fallen 6.5% to 79 cents following the release of a disappointing first quarter update. According to the release, For the three months ended 31 March, Splitit achieved Merchant Sales Volume (MSV) of US$82 million. While this was an increase of 247% compared to the same period last year, it was down 5% quarter on quarter from US$86.3 million.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has sunk 8.5% to $10.00. This decline appears to be a delayed reaction to the online furniture and homewares retailer's third quarter update on Tuesday. Although Temple & Webster is still performing strongly, it warned that it would be focusing on revenue growth and not its earnings for the foreseeable future. It is doing this in order to capture market share.
