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Australian AI Company Appen Considers Selling Business to Address Financial Difficulties
Published in Latest AI News
Time :Nov 21, 2023
Read :1minute
Australian AI company Appen has announced that it is considering the sale of part or all of its business to adapt to market changes and financial pressures. The company has raised AUD 30 million in equity and implemented a total cost-cutting plan of USD 60 million. As of the end of October 2023, the company's revenue and gross profit have decreased by 29% and 32%, respectively, with the stock price suffering and an entire overhaul of the executive team. To stabilize its financial situation, Appen has announced an additional cost-cutting plan of USD 14 million to address business challenges.