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.