Appen (APX)

Prior close: $26.20

Short term disruptions

Appen has provided a trading update for the year ending 31 December 2020. Compared to prior expectation of an EBITDA range of $125-130 million, the full year results are now expected to fall between $108-111 million on a constant currency basis, representing a downgrade of 14% at the midpoint. The strong Australian dollar impacts this further, with a reported EBITDA range of $106-109 million representing a 16% downgrade. The stock fell 12% on the news.

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