Citi slashes PT on Australia's Appen as Google dumps contract
Jan 22, 2024 at 11:16 pm GMT
** Analysts at Citi slash PT on Australia's embattled artificial intelligence data services firm Appen APX.AX to A$0.26 from A$1.23
** Shares of Appen hit their record low on Monday after it lost key contract with Alphabet's GOOGL.O Google which delivered APX $82.8 mln in revenue in FY23
** Citi maintains "sell" rating, says loss of the contract with Google raises further concerns around the market fit of company's products
** Increasing market competition can be a factor behind recent revenue weakness around its business with Meta Platforms-owned META.O Facebook - brokerage
** Appen stock fell 71.4% in 2023
Ann: Customer update and FY23 preliminary results, page-203
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