Short-sellers were squeezed by a rally in shares of cloud connectivity provider Megaport on Tuesday, as investors rewarded the tech company’s cost-cutting program.
Megaport shares jumped 28 per cent to $12.48, after the Brisbane-based company beat its quarterly earnings target and flagged the addition of a large US-based healthcare customer worth $4.2 million over three years.
Loading...
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
Tom Richardson was a journalist at The Australian Financial Review
