Appen (APX) shares dump after a disappointing downgrade
APX -27.32%: The Artificial Intelligence (AI) company was whacked on the back of another major earnings downgrade with the company booking underlying EBITDA for the half of just $US8.9 million as revenue fell ~7% to $US182.9m as their core customers (Big US Tech) pull back spending on advertising-related AI projects. In short, the woes for APX continue, no visibility on earnings and the huge aspirational targets that the company rolled out when they stepped back from issuing near term guidance at a recent update seems completely farcical.
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