In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 7,520.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Bravura Solutions Ltd (ASX: BVS)
The Bravura share price has crashed 17% to $3.13 following the release of its full year results. In FY 2021, the financial technology company reported an 11% decline in revenue to $243 million and a 14% reduction in net profit after tax to $34.6 million. The latter was at the low end of its guidance range. However, the main drag on its shares appears to be the shock departure of its CEO Tony Klim. He will leave the business next week after 13 years.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine share price has fallen 9% to $2.70. This was despite the media company reporting a 76% increase in net profit after tax to $2278 million for FY 2021. As strong as this was, it was slightly lower than expectations. Also weighing on its shares was management's operating expense guidance for FY 2022.
Reece Ltd (ASX: REH)
The Reece share price has crashed 11% to $22.32. This follows the release of the plumbing parts company's full year results after the market close on Tuesday. While that result was in line with the market's expectations, management's uncertain outlook is weighing on its shares. Particularly given the lofty multiples they trade on.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 3% to $7.11. This morning Zip released its full year results and reported a 150% increase in revenue to $403.2 million. This was driven by a 178.5% jump in transaction volume to $5.8 billion, which was underpinned by a 247.5% increase in customer numbers to 7.3 million. The company also revealed that so far in FY 2022 total transaction value was up 58% in Australia and 240% in the United States. As positive as this was, its increasing costs appears to have spooked investors.
