In early afternoon trade the LiveTiles Ltd (ASX: LVT) share price has continued its slide and is down 3% to 33.5 cents.
This latest decline means that the artificial intelligence-focused software company's shares have now fallen 37% since the start of the month.
This is despite the company announcing that it has signed its first major partners to the AI Speak Program this morning.
The AI Spark Program, a collaboration with tech giant Microsoft, is designed to accelerate the rate at which partners can deploy AI solutions for their customers by lifting the AI capabilities of participating Microsoft partners.
According to the release, the Program has now been extended to partners in the United States, with CloudScale Corporation and RDA becoming its first major U.S. partners. CloudScale is an award-winning, leader in intelligent transformation and counts the likes of Time Warner and James Hardie Industries plc (ASX: JHX) as customers.
In addition to this, management advised that its LiveTiles Bots and the Intelligent Workplace offering are gaining significant market traction in the United States. This led to the addition of several new customers in October and advanced sales discussions with over 50 enterprise customers.
While this is positive, it hasn't been enough to stop its shares from continuing their decline.
Why have its shares been smashed this month?
Like the shares of Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC), LiveTiles' shares have come under pressure this month due to the selloff of tech and high PE shares.
Unfortunately, with a market capitalisation of approximately $190 million and annualised recurring revenue of $18.6 million, I do feel as though it shares could still fall notably lower if the market volatility persists.
Because of this, I'm going to continue to restrict LiveTiles' shares to just my watchlist despite their recent pullback.
