Australia's Megaport slumps on weaker-than-expected forecasts

Megaport

29/04/2024 02:22

** Shares of network infrastructure operator Megaport Ltd
 MP1.AX  fall as much as 7.8% to A$13.170, marking their biggest
intraday drop since Oct. 26, 2023
    ** MP1 trading 6.9% lower at A$13.32 as of 0025 GMT, hits
lowest level since Feb. 21
    ** MP1 worst performer in the ASX 200 benchmark index
 .AXJO 
    ** Co upgrades FY24 EBITDA forecast to between A$56 mln
($36.66 mln) and A$58 mln from A$51 mln-A$57 mln
    ** Expects FY24 revenue between A$190 mln and A$195 mln, up
from last year's A$153.1 mln
    ** Citi says revenue and EBITDA guidance "conservative"
    ** MP1's 3Q ARR of A$199 mln is below Citi forecast of A$200
mln
    ** MP1 up 55.3% this year, as of last close

($1 = 1.5277 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))