Appen Ltd. (AU:APX) has released an update.
Appen Ltd., a global leader in AI data solutions, faced a 30% revenue decline in FY23 primarily due to decreased spending by a major customer and a general tech slowdown. The company responded by cutting costs by $60 million, which will fully benefit FY24 despite impacting last year’s profitability. Despite the overall decline, Appen experienced positive revenue trends in Q4, especially in China, with a record performance in generative AI projects.
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