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.
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Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
