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(Reuters) - Appen Ltd on Wednesday flagged a soft start to the year due to unfavourable economic conditions, although the Australian AI training provider expects to be profitable by the end of 2023 on the back of its cost-saving and diversification measures.
Shares of the company tanked as much as 19.4% to A$2.570 in early trade.
Appen said revenue for the four months ended April 30 dropped about 21% to $95.7 million from a year-ago period, while its gross profit fell 25% to $35.8 million.
Th...
>>> Read more: Appen launches cost-cutting plan as earnings drop, expands into generative AI
Shares of the company tanked as much as 19.4% to A$2.570 in early trade.
Appen said revenue for the four months ended April 30 dropped about 21% to $95.7 million from a year-ago period, while its gross profit fell 25% to $35.8 million.
Th...
>>> Read more: Appen launches cost-cutting plan as earnings drop, expands into generative AI
