Appen share price tumbles 4% amid ASX tech sell-off

a woman looks down at her phone with a look of concern on her face and her hand held to her chin while she seriously digests the news she is receiving.a woman looks down at her phone with a look of concern on her face and her hand held to her chin while she seriously digests the news she is receiving.

The Appen Ltd (ASX: APX) share price is plunging amid a broader sell-off in the company’s sector.

At the time of writing, the Appen share price is $6.43, 4.46% lower than its previous close.

For context, the All Ordinaries Index (ASX: XAO) and S&P/ASX 200 Index (ASX: XJO) are 0.85% and 0.89% lower respectively right now.

Meanwhile, the tech sector is struggling. Let’s take a closer look at how the provider of artificial intelligence data and its peers are performing on Wednesday.

What’s going on with the Appen share price?

The Appen share price is suffering on Wednesday, alongside its peers on the ASX 200.

Right now, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is falling 2.47%, making it the market’s worst performing sector.

The drop is being led by the Life360 Inc (ASX: 360) share price. It’s dumping 25.66% on the back of its quarterly results.

The share price of Block Inc (ASX: SQ2) is also suffering today, slipping 6% at the time of writing.

In fact, the Compershare Limited (ASX: CPU) share price is in the only ASX 200 tech stock trading in the green. It’s up 0.08% right now.

It’s not such a blood bath on the S&P/ASX All Technology Index (ASX: XTX). Though, the index has slipped 1.75%.

The sector’s struggles follow a devastating session on the tech heavy Nasdaq Index overnight (Australia time). The Nasdaq-100 plunged 3.87% in Tuesday’s session overseas.

The Appen share price is currently 42% lower than it was at the start of 2022. It has also dropped 57% since this time last year.

The post Appen share price tumbles 4% amid ASX tech sell-off appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Life360, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/GOZDtQw

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