Shares in industrial property giant Goodman Group (ASX:GMG) tumbled as much as 6.9% in early Feb. 19 trade, emerging as one of the ASX 200's steepest decliners.
The retreat follows a first-half earnings report that, despite a slight lift in statutory profit, failed to meet market expectations and revealed a significant double-digit slide in revenue.
While Goodman reported a 3.1% rise in interim statutory net profit to $824.7 million, the figure fell well short of the $1.21 billion consensus estimate projected by analysts.
Investors reacted sharply to a 17.6% year-on-year revenue drop, which landed at $1.10 billion, and a marginal dip in operating profit.
Despite the immediate share price hit—which sees the stock down nearly 20% over the last 12 months—CEO Greg Goodman remains bullish on structural shifts in the digital economy.
The group is aggressively pivoting toward data centre infrastructure and high-capacity logistics to capture "unprecedented" capital expenditure from hyperscale customers.
The company has reiterated its full-year guidance, targeting an operating earnings per share growth of 9%, banking on the continued demand for automation-ready sites and low-latency connectivity.
At the time of reporting, Goodman Group's share price was $29.08.