Investors cheer Appen’s $20.7m cost-cutting

Troubled data services company Appen will slash a further $US13.5 million ($20.7 million) of costs from its business, including closing two North American offices, after losing a key contract with Google.

Appen has moved to stem its losses following Google’s surprise decision to terminate its $US82.2 million contract with the ASX-listed business, which caused the company’s share price to collapse.