Megaport rockets 34pc on higher earnings, lower cash burn
Tess BennettTechnology reporter
Key Points
- Why it matters: Megaport could benefit from interest in artificial intelligence
- The company said its earnings would be higher than previously expected
- That is a major reversal from last year, when the market bet against the group
Shares in Megaport soared 34 per cent on Tuesday after the high-speed connectivity services provider said earnings would come in at between $19 million and $21 million for the last financial year following an overhaul of the company’s sales strategy and a reduction in costs.
That compares to prior guidance of between $16 million and $21 million at the company, which is chaired by technology entrepreneur Bevan Slattery.
Loading...
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Technology
Fetching latest articles