AMP Limited's stock plunged 22.35% during intraday trading on Thursday, following the release of the company's full-year financial results.

The wealth manager reported underlying earnings per share of AU$0.113 for 2025, up from AU$0.09 a year earlier and slightly above the FactSet consensus estimate of AU$0.11. However, total revenue for the period fell to AU$2.81 billion from AU$2.87 billion the previous year. While the company's annual underlying net profit after tax of A$285 million was in line with market expectations, the decline in top-line revenue appears to have alarmed investors.

The results, which were accompanied by guidance for the 2026 financial year, showed strength in adviser-driven inflows and lower net cash outflows. Nonetheless, the market's sharp negative reaction suggests a focus on the revenue contraction and the perception that the profit result merely met expectations without providing a positive surprise.