BUZZ-Australia's Appen slumps on subdued FY revenue, outlook

Reuters
02-26
BUZZ-Australia's Appen slumps on subdued FY revenue, outlook

** IT services firm Appen's APX.AX shares plunge 36.6% to A$1.825

** Stock fell as much as 39.6% in early trade

** Reports group operating rev of $234.3 million, down 14.2% y/y due to termination of its Google contract in Q1 FY24

** Says global services revenue fell 38.3% on account of the Google contract

** Co says volumes for its large language model (LLM) projects tracking lower so far in FY25 vs Q4 FY24

** More than 46 mln shares traded, 5.3x the 30-day avg

** Appen falls 30.3% YTD

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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