Shares of AI training provider Appen sank as dramatically as 25% to A$1.680, reaching its lowest point since April 2016.

Appen recorded its worst intraday drop since May 2023, making it the poorest performer on the ASX All Ordinaries index.

The trading volume surged pass 5.5 million shares, in comparison to the 30-day average of 1.4 million shares.

An analysis of the company’s half-year results revealed a significant year-on-year narrowing in their underlying, and a 24% drop in group revenue.

The company highlighted continued headwinds and projected that the revenue for the second half of 2023 would be closer to their first-half level.

As of the last close, Appen’s shares have dropped 7.5% this year, compared to a 1.5% increase in the All Ordinaries index.

Appen is a leading provider of training data for artificial intelligence and machine learning.