The Appen Ltd (ASX: APX) share price has caught an updraft on the back of a strong profit result from rival ASX-listed tech business Altium Limited (ASX: ALU) today.
In fact Appen shares are up 4.3% to $18.78 this afternoon despite it releasing no material news to the market since November 11 2018 when it told investors to expect full year EBITDA to print between $62 million to $65 million using an average exchange rate of A$1 buying US 80 cents.
However, it now looks likely to beat that on the back of a currency tailwind with A$1 currently buying just US 71 cents. Appen suggested the November EBITDA guidance upgrade was related to a "sharp increase in monthly revenues, largely from existing projects from existing customers".
The language translation specialist is due to hand in its half year report card on February 25, with another fast-rising tech rival in WiseTech Global Ltd (ASX: WTC) also lifting nearly 5% to $23.74 today ahead of it posting interim profit reports tomorrow.
Meanwhile Altium is up 21% to $32.65 today after lifting its half year profit and earnings per share 58% and 57% respectively.
Both the WiseTech and Appen share prices could be volatile over the next week.
