Why is the Appen share price climbing today?

The Appen Ltd (ASX: APX) share price is in the green today.

Appen shares are currently trading at $3.465, a 1.61% gain, after jumping 6.7% to an intraday high of $3.64 early in the session.

Let’s take a look at what may be impacting the Appen share price today.

Technology shares rise

Shares in the machine learning and artificial intelligence company are rising today, but they are not alone among ASX technology shares. The Altium Limited (ASX: ALU) share price is 1.13% higher at the time of writing, while Wisetech Global Ltd (ASX: WTC) is 1.01% ahead. The Megaport Ltd (ASX: MP1) share price is up 1.86%.

Meantime, the S&P/ASX All Technology Index (ASX: XTX) is 0.48% higher in early afternoon trade.

Technology shares, including Appen, are rising after the NASDAQ in the US also lifted overnight. The tech-heavy Nasdaq index gained 0.76%, or 87 points. Apple Inc (NASDAQ: AAPL) rose 2.51% while Meta Platforms Inc (NASDAQ: META) leapt 1.18%.

Now, Citi brokers see tailwinds for Australian technology stocks in FY23, according to a Thomson Reuters report cited on NAB trade.

The broker highlighted the August reporting season was “better than expected” with just Appen and Zip predicting revenue downgrades.

Citi reportedly expects costs of sales to “reduce cost growth in an uncertain environment”, potentially leading to profitability margins being better than expected.

Appen reported revenue of $182.9 million in the first half of calendar year 2022, down 7% on the prior corresponding period.

Share price snapshot

Appen shares have dropped 63% in the past year, while they have lost 69% year to date.

For perspective, the S&P/ASX All Technology Index (ASX: XTX) has shed 32% in the past 12 months and around 29% in 2022 so far.

Appen has a market capitalisation of $427 million based on the current share price.

The post Why is the Appen share price climbing today? appeared first on The Motley Fool Australia.

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More reading

• Pain continues for Appen share price amid ASX tech sell-off
• Down 65% this year, where to next for the Appen share price?
• Megaport share price soars 10% as ASX tech shares trump on Thursday
• Down 68% so far in 2022, can Appen shares ‘get through this?’
• Why did the Appen share price just hit a 5-year low?

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Appen Ltd, Apple, MEGAPORT FPO, Meta Platforms, Inc., and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Apple, MEGAPORT FPO, and Meta Platforms, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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