Business
ASX dips 0.9pc, falling for third session as tech rout weighs – The Australian Financial Review
The S&P/ASX 200 fell 0.9 per cent on Thursday, led by a big drop for technology shares, which weakened on the news of quickening US inflation.
Shares in the cloud accounting software business suffered their worst day on the sharemarket since March last year, falling 13 per cent to $117.39. The crushing performance marked one of the companys poorest days since it joined the ASX in 2012.
Xero added more subscribers in the six months to March 31 than any comparable period, but failed to meet analyst estimates for earnings growth despite a 39 per cent jump in earnings before interest, tax, depreciation and amortisation to $NZ191.2 million.
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