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Appen defies market gloom as it flags minimal coronavirus impact

High-flying artificial intelligence firm Appen said the coronavirus is expected to have a negligible impact on its operations despite its reliance on China as a growth market, after the company beat market expectations with its full-year result on Tuesday.

Appen, which provides machine learning services for the artificial intelligence market, said it is yet to see any impact on its major US customers or its China operations, which it described as young and facing modest growth targets.

Appen chief executive Mark Brayan is targeting China and the government sector globally for growth.

Appen chief executive Mark Brayan is targeting China and the government sector globally for growth. Credit:Dominic Lorrimer

“Its very early in the situation and we are monitoring it closely, but overall we maintain a view that the coronavirus will have negligible impact on our 2020 group revenue and earnings based on currently available information,” Appen chief executive Mark Brayan told analysts and investors on a conference call.

“Of our major US customers, combined they rely on China for less than 10 per cent of their revenue, so we don’t expect their business with us to be materially impacted by any loss of their revenue from China,” he said.

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