Australia's Appen Ltd, which runs artificial intelligence training for Facebook, Google and Amazon.com Inc, said a spending slowdown by clients would bring its first half-year loss since listing, sending its shares tumbling.
Adding to Appen's challenges, new privacy features in Apple Inc products have reduced the ability of big advertisers including Facebook, which is owned by Meta Platforms Inc, and Alphabet Inc's Google to target users, impacting their appetite for pinpoint-accurate user data, say analysts. After warning of a profit decline in May, Appen said it now expects a net loss of $3.8 million in the six months ended June, which would be its first interim loss since listing in 2015, from a net profit of $12.5 million a year earlier.
"We believe this is a slowdown, rather than a competitive situation," he added, when asked if the company had lost business to rivals like Canada's Telus International, which along with Appen dominates the global market for so-called artificial intelligence training.
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