Artificial intelligence company Appen said it would not change its strategy despite another earnings downgrade due to advertising weakness from major customers, such as Facebook, sending the stock plunging to its lowest level since 2017.
“With no improvement in July trading, there remains uncertainty about a continued slowdown of spending from our global customers and their exposure to weaker digital advertising demand,” Appen chief executive Mark Brayan told analysts and investors on a conference call. Brayan remained committed to Appen’s longer-term revenue targets while failing to provide guidance for the year ending December 31.“Longer term, we’re banking on what we believe is a very strong trend around AI and a very strong need for AI training data,” Brayan said.