Why it matters: Appen was once a market darling with a $5 billion market cap.
Appen’s core business is under pressure as customers cut back spending.
The company did not declare a dividend and is focused on its turnaround plan.
Shares in troubled technology business Appen collapsed 32 per cent on Monday, after the company’s gamble on new generative artificial intelligence products failed to offset the pain in its core business of supplying Silicon Valley’s mega caps with processed data.
Appen is down 58 per cent over the past 12 months following a series of profit downgrades, after work from its largest customers dried up.
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Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
