The Appen Ltd share price just hit an all-time high

Much to the delight of its shareholders, the Appen Ltd (ASX: APX) share price continued its strong run and hit a new all-time high of $4.27 during trade today.

This means the data solutions and services provider’s shares have gained around 50% year-to-date, making them one of the best performers on the All Ordinaries (Index: ^AXAO) (ASX: XAO).

Why have they skyrocketed?

The catalyst for this strong gain was the release of an update in May which revealed that increasing demand for its high quality data for machine learning-based product development had led to a full-year earnings upgrade.

According to the release, Appen expects to post full-year earnings before interest, tax, depreciation, and amortisation (EBITDA) growth of between 40% and 50% this year.

This was a big improvement on its previous guidance for mid to high teen EBITDA growth.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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