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ASX 200 (ASX:XJO) midday update: Xero’s results and Nearmap’s guidance disappoint

It has been an eventful day for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Xero’s results and Nearmap’s guidance disappoint appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.7% to 7,370.9 points.

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

Xero’s half year results disappoint

The Xero Limited (ASX: XRO) share price is trading lower today after the release of its half year results. For the six months ended 30 September, Xero reported a 23% increase in operating revenue to NZ$505.7 million but a 19% decline in EBITDA to NZ$98.1 million. And while its top line growth was strong, it is tracking below the market’s full year growth rate expectations. Goldman Sachs, for example, is expecting the cloud accounting platform provider to deliver revenue growth of 33% in FY 2022.

Nearmap guidance update

The Nearmap Ltd (ASX: NEA) share price is sinking today after releasing its guidance for FY 2022. The aerial imagery and location data company revealed that it expects annual contract value (ACV) of between $150 million and $160 million on a constant currency basis in FY 2022. This will be up 12% to 19% year on year, which is short of its medium to long term target of ACV growth of 20% and 40%.

Ramsay’s shares fall following update

The Ramsay Health Care Limited (ASX: RHC) share price is under pressure today after the release of a trading update. The private hospital operator revealed a 1.3% increase in unaudited first quarter revenue to $3.2 billion. However, on the bottom line, the company recorded an unaudited quarterly profit after tax of $58.1 million. This is down 39.5% on the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 6.5% gain. This is despite iron ore prices falling again overnight. The worst performer on the index has been the Nearmap share price with a 7% decline following its guidance update.

The post ASX 200 (ASX:XJO) midday update: Xero’s results and Nearmap’s guidance disappoint appeared first on The Motley Fool Australia.

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More reading

Nearmap (ASX:NEA) share price slips despite plan to boost contract value by 12%–19% in FY22

Ramsay Health (ASX:RHC) share price falls 6% as earnings take a dive

ASX 200 tech shares in focus as Nasdaq plunges 1.7%

Xero (ASX:XRO) share price on watch after delivering strong first half growth

5 things to watch on the ASX 200 on Thursday

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. owns shares of and has recommended Nearmap Ltd. and Xero. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. and Xero. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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