Appen Ltd on Wednesday flagged a soft start to the year due to unfavourable economic conditions, although the Australian AI training provider expects to be profitable by the end of 2023 on the back of its cost-saving and diversification measures.Appen said revenue for the four months ended April 30 dropped about 21 per cent to $95.7 million from a year-ago period, while its gross profit fell 25 per cent to $35.8 million.
Appen, one of the world's largest AI training providers, announced on Wednesday a raft of cost-saving initiatives expected to deliver annualised cost savings of about $36 million in fiscal 2024.
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