Big drop in Datacom profits as it looks to an AI future

Datacom CEO Greg Davidson said while profits were down the strategic direction was good.. (Image: Datacom)

Fri, 30 Jun 2023

Datacom Group reported a $32 million drop in profits, or 81%, from $42m in 2022 to $8m for the March 31 2023 financial year, as it dips a toe into the world of artificial intelligence (AI).The IT services company's revenue was $1.49 billion, up from $1.45 billion in the March 2022 year. It recorded a full-year operating cashflow of $116m and invested $80m into its strategic products business through the financial year.Datacom CEO Greg Davidson said in a statement that while net profit before tax was down, the group’s decision to focus...

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