The S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 0.9% to 7,513.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
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Breville Group Ltd (ASX: BRG)
The Breville share price is down 9% to $30.42 despite delivering strong profit growth in FY 2021. For the 12 months ended 30 June, Breville reported a 24.7% increase in revenue to $1,187.7 million and a 39.6% jump in EBIT to $136.6 million. The latter was ahead of its upgraded guidance. However, supply chain concerns are weighing on its shares today. Management warned of shipping issues, supplier increases, and parts shortages.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down over 3% to $99.14. The key catalyst for this decline has been the banking giant's shares trading ex-dividend this morning for its fully franked $2.00 per share final dividend. Eligible shareholders can now look forward to receiving this dividend on 29 September. Today was also the ex-entitlement date for its $6 billion share buyback. This means that CBA shares acquired henceforth will not be eligible for the buy-back.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has crashed 8% to $47.21. This follows the release of the fund manager's full year results this morning. Although Magellan revealed a 9% increase in average funds under management (FUM) to $103.7 billion in FY 2021, it still posted a sharp decline in profits. Magellan's net profit after tax was down 33% to $265.2 million for the year. This was due to weaker performance fees and investment costs.
Sezzle Inc (ASX: SZL)
The Sezzle share price has sunk 10% to $7.38. This morning the buy now pay later provider released its 10-Q report which revealed a half year net loss of US$30.4 million. This was more than triple the prior corresponding period. A key contributor to this loss was a first half provision for uncollectible accounts of US$22.4 million. This compares to a provision of US$5.1 million in the prior corresponding period. This means that as a percentage of Sezzle income, the provision for uncollectible accounts was 48.3% during the first half.
