AI Firm Appen Loses Chief Executives After Alphabet Cuts Ties and Revenue Plummets

Benzinga

Appen, an AI firm that once helped train models for companies like Microsoft, Nvidia, and Google, has lost its Chief Revenue Officer and Chief Marketing Officer. Appen's CEO Armughan Ahmad resigned earlier this year shortly after Alphabet terminated all of its contracts with Appen. Appen's revenue dropped 30% in 2023 and 13% the year before, partly due to "challenging macro conditions." Former employees said Appen struggled to pivot to generative AI due to weak quality controls and a disjointed structure. Appen's stock has fallen 99% from its 2020 peak, losing billions in market value.

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00:00It's Benzinga, and here's what's on the block. Appen, an AI firm that once helped train models

00:05for companies like Microsoft, NVIDIA, and Google, has lost its Chief Revenue Officer

00:09and Chief Marketing Officer. Appen's CEO, Armagan Ahmed, resigned earlier this year

00:14shortly after Alphabet terminated all of its contracts with Appen. Appen's revenue dropped

00:1830% in 2023 and 13% the year before, partly due to challenging macro conditions. Former

00:25employees said Appen struggled to pivot to generative AI due to weak quality controls

00:29and as a disjointed structure. Appen stock has fallen 99% from its 2020 peak,

00:34losing billions of dollars in market value. For all things money, visit Benzinga.com.

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