Why it matters: investors are betting Megaport will benefit from AI
Megaport has cut costs over the last year to beef up its balance sheet
New CEO Michael Reid says growth will come from a new go-to-market strategy
Cloud connectivity provider Megaport has reined in spending over the past year, narrowing its losses and swinging to a positive cashflow for the first time, with newly installed chief executive Michael Reid pointing to a new go-to-market strategy as cause for the company’s revised guidance.
Shares in Megaport increased 17 per cent on Tuesday to $12.15 as investors cheered the company’s 40 per cent jump in revenue to $153 million, up from $109.7 million a year earlier.
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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
