Here are 2 rapidly growing ASX growth shares

Appen Ltd (ASX:APX) and this ASX growth share are growing their earnings at a rapid rate. Here's why…

If you're a growth investor, then you're in luck. This is because there are a number of companies on the Australian share market that have been growing at a rapid rate in recent years.

Two standouts are listed below. Here's what you need to know about them:

graph coming from man's hand

Image source: Getty Images

Appen Ltd (ASX: APX)

This machine learning and artificial intelligence data services company has been a strong performer in 2020. During the first half of FY 2020, the company reported a 25% increase in revenue to $306.2 million. This was driven by its key Relevance segment, which provides annotated data to be used in search technology for improving the relevance and accuracy of search engines, social media applications, and e-commerce websites. The Relevance segment delivered a 34% increase in revenue to $273.9 million, which offset weakness in its Speech & Image segment. The latter reported a 20% decline in revenue to $31.9 million.

Pleasingly for shareholders, management spoke positively about the future. Chairman, Chris Vonwiller, commented: "We are especially pleased with this result amidst the pandemic and the implementation of our growth initiatives. The strength of our business model, market exposure, competitive position and our consistent execution give us the confidence to push forward with our investments to solidify future growth."

Kogan.com Ltd (ASX: KGN)

This ecommerce company has been a remarkably positive performer in 2020 thanks to the accelerating shift to online shopping.  The COVID-19 pandemic has sent millions of consumers online for their shopping, many for the first time, which has led to companies like Kogan benefiting greatly.

After delivering strong sales and profit growth in FY 2020, Kogan's growth has gone up a level early in FY 2021. For example, during the month of August, the company reported gross sales growth of more than 117% and adjusted EBITDA growth of more than 466%. This was driven by the addition of 152,000 new customers to its platform during the month, bringing its total to 2,461,000.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Kogan.com 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 Scott Phillips.

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