Appen (ASX:APX) to cut $13.5M in costs, close offices after Google contract termination

Troubled data services company Appen is set to cut an additional $13.5 million in costs, closing its Toronto and Bellevue offices in North America due to the termination of a key contract with Google.

The contract represented $82.2 million of Appen’s FY23 revenue.

The initiative aims to return the company to profitability, with the closures expected by June.

The company anticipates one-off costs of $1.5 million to $2.5 million related to the initiatives, excluded from underlying EBITDA for FY24.