Why the AMP (ASX:AMP) share price is tumbling 9% today

AMP Ltd (ASX: AMP) shares opened sharply lower this morning following the release of the company’s FY20 results. At the time of writing, the AMP share price is trading at $1.40, down 9.09% for the day so far.

Let’s take a look at what the company had to say.

What’s driving the AMP share price lower?

The AMP share price is once again on the slide after the company advised in its investor report that coronavirus significantly impacted its annual outcomes across all business units.

During FY20, the company held $255 billion of total assets under management (AUM), 6% lower than during FY19. AUM-based revenue fell approximately 10.5% to roughly $1.5 billion. 

AMP reported an underlying net profit after tax (NPAT) of $295 million,…