What happened to Appen (APX) shares today?
APX -11.71%: the digital marketing AI company fell below $3/sh for the first time since 2017 today following a downgrade to guidance. Just 6 weeks ago the company was talking to a stronger second half, though revenue was still expected to fall short of FY21 levels. Today, the company said conditions had failed to improve as expected and further uncertainty remains into the end of the year, providing guidance of $US375-395m for revenue, ~14% below FY21 and 5% below consensus. Margins have also been impacted with a lower portion of sales coming from high-margin work. It’s been a challenging period for Appen with EBITDA now expected to fall 80% in a year and digital ad revenue going backwards.
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