Appen shares plunge after weak results, outlook
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Appen slid 25% to $1.68 in early trading on the ASX after the data services company's first-half loss widened to $43.3 million. It also warned it will continue to face headwinds due to a broader technology market slowdown and as customers evaluate their artificial intelligence strategies.
Appen widens first-half loss amid tech slowdown
The news: Data services firm Appen has reported a bigger first-half loss and a slide in revenue amid a broader technology market slowdown.
The numbers: Its statutory loss for the six months to 30 June widened to $43.3 million from $9.4 million a year ago, while underlying net loss came in at $34.2 million. Revenue dived 24% to $138.9 million, reflecting a lower contribution from global services. The company will not pay any interim dividend.
The context: New chief executive Armughan Ahmad said the first-half results reflected a challenging external environment. The company warned it continues to face headwinds due to the broader technology market slowdown and as customers evaluate their artificial intelligence strategies. It expects second half revenue will be similar to the first half.
The source: ASX announcement
