Australia's Megaport soars on profit beat, upbeat outlook

Megaport

20/02/2025 01:12

** Shares of cloud connectivity provider Megaport  MP1.AX 
rise 23% to A$11.740, their highest level since June 20, 2024
    ** Stock top pct gainer in the benchmark ASX 200 index
 .AXJO , which is down 1% as of 0050 GMT
    ** MP1 rose as much as 27.4% to A$12.150 earlier, marking
its biggest intraday pct jump since January 30, 2024
    ** More than 3 million shares change hands, vs the 30-day
average of less than a million
    ** Megaport reports annual recurring revenue (ARR) of
A$226.6 million ($143.9 million), up 18% from last year, and 4%
ahead of Visible Alpha consensus
    ** Hikes lower end of its FY25 revenue outlook to between
A$216 million and A$222 million, from prior range of A$214
million and A$222 million
    ** Citi says this is conservative as co's 1H25 ARR implies
A$220 million revenue without any growth in 2H
    ** MP1 up 57% this year, including session's moves


($1 = 1.5748 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))