ASX 200 midday update: Macquarie and REA updates disappoint

It has been a very red day for the ASX 200 on Friday…
The post ASX 200 midday update: Macquarie and REA updates disappoint appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. The benchmark index is currently down 2.5% to 7,178.5 points.

Here’s what is happening on the ASX 200 today:

Macquarie full year results

The Macquarie Group Ltd (ASX: MQG) share price is falling on Friday. This follows the release of the investment bank’s full year results. Although Macquarie reported a profit surge in FY 2022, this still fell short of the market’s lofty expectations. The company reported a second-half net profit of $2,663 million, up 31% over the prior corresponding period. This compares to Goldman Sachs’ estimate of $2,800 million. Macquarie’s $3.50 per share final dividend was also short of Goldman’s forecast of $4.40 per share.

Block misses on earnings but outlook impresses

The Block Inc (ASX: SQ2) share price is trading lower but faring better than most in the tech sector today. This follows the release of a first quarter update that revealed softer than expected revenue and earnings. However, a strong start to the second quarter has offset this and prevented a much greater selloff.

REA shares sold off

The REA Group Limited (ASX: REA) share price has crashed to a 52-week low after the property listings company’s third-quarter update disappointed. For the three months ended 31 March, REA delivered a 23% increase in revenue to $278 million and a 27% increase in EBITDA to $155 million. However, this was 7% and 6% lower, respectively, than Goldman Sachs’ estimates.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the PolyNovo Ltd (ASX: PNV) share price with a 4% gain. This follows news that insiders have been buying the medical device company’s shares. Going the other way, the News Corp (ASX: NWS) share price is the worst performer on the index with an 11% decline. This follows the release of the media giant’s quarterly update.

The post ASX 200 midday update: Macquarie and REA updates disappoint appeared first on The Motley Fool Australia.

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More reading

Everything you need to know about the latest Macquarie dividend
REA share price sinks 9% to 52-week low following Q3 update
Macquarie share price in focus amid FY22 profit surge
Block share price on watch amid Q1 earnings miss
5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. and POLYNOVO FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Macquarie Group Limited and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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