Kalkine Media
Published Aug 02, 2022 22:13
Appen (ASX:APX) shares nosedive over 27% today, here’s why
Share price of artificial intelligence data services business firm, Appen Limited (ASX:APX), witnessed a steep downfall today (2 August 2022) as the company shared yet another significant earnings downgrade.
Appen’s shares were spotted trading 27.145% lower at AU$4.160 apiece at 10:48 AM AEST.
Claiming to be a global leader in data for the AI Lifecycle, Appen issued an update regarding the company’s half year results for the six months ended 30 June 2022. Appen also shared its FY2022 outlook.
h2 Key takeaways from unaudited first half results report:/h2Appen is expected to l come up with its final audited results on 25 August 2022.
Appen, in its ‘not so upbeat’ announcement stated that the enterprise business is showcasing growing momentum. Though the company’s first half was not up to its potential, the second half has started well with orders of US$9.3 million in July. Also, Appen has seen solid free cash flow generation and cash conversion from EBITDA increase from 101% to 211% in the half.
h2 Appen’s share price performance on ASX/h2In last five trading days, Appen has shed off more than 26% on ASX. In last six months, it has lost over 57% and in one year, has gone down more than 64%. On year-to-date basis, the shares have witnessed a fall of almost 62%.
Appen has a vivid 52-week range of AU$4.040 – AU$13.900 as per ASX charts.
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Written By: Kalkine Media
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