Australia's Megaport jumps most in 15-months on solid quarterly earnings

Megaport

27/07/2023 04:40

(Updates share moves, milestones)
    ** Shares of cloud services provider Megaport Ltd  MP1.AX 
surge as much as 12.6% to A$10.45 - hitting their highest level
since April 21, 2022
    ** Stock posts biggest intraday pct gain since July 11 and
tops gains on the benchmark stock index  .AXJO 
    ** MP1 posts Q4 normalised EBITDA of A$11.8 mln ($7.99 mln),
from A$1 mln a year earlier
    ** Annual recurring revenue for June was A$178.6 mln, up 39%
from a year earlier
    ** Expects to be net cash positive for FY24
    ** About 1.8 mln shares change hands vs 30-day average
volume of ~1.5 mln shares
    ** MP1 up 47.1% YTD, as of last close 

($1 = 1.4769 Australian dollars)

 (Reporting by Harish Sridharan and Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))