Appen helped train artificial intelligence models for Google, Microsoft and Amazon, but the company now faces deteriorating financials and executive departures
Monegan left in March to help start his own company.Despite Appen's enviable client list and its nearly 30-year history, the company's struggles have intensified this year. Revenue in the first half of 2023 tumbled 24% to $138.9 million, amid what it called a"broader technology slowdown." The company said its underlying loss widened to $34.2 million from $3.8 million a year earlier.
Still, Ahmad said on the earnings call that the company remains"laser-focused on resetting the business" as it pivots to providing data for generative AI models. He added that"the benefits from our turnaround have yet to show meaningful results" and that"the revenue growth does not offset the declines we are experiencing in the remainder of the business."
Depending on the data that a customer requires, an Appen freelancer could be sitting at a laptop to label or categorize images or search results or using Appen's mobile application to capture the sounds of glass breaking or background noise in a vehicle. Ahmad told CNBC in a statement that, while the company's financials are being hurt by the economy and a reduction in spending by top customers,"I'm confident that our disciplined focus and the early progress we are making to turn around the business will enable us to capture value from the growing generative AI market and return Appen to growth."Ahmad said on the earnings call that there's customer interest in niche types of data that's more difficult to acquire.
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