Shares in Megaport slumped after the cloud connectivity provider noted growth would slow over the short term with a looming global downturn putting the handbrake on big IT purchases for potential customers.
Despite the cautious outlook, Megaport booked a 38 per cent jump in total revenue to $70.7 million, with earnings before interest, taxes, depreciation, and amortisation coming in at $3.4 million over the last half.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
