By Stuart Condie
SYDNEY--Megaport shares surged more than 20% in early trade after the Australian tech-services provider's December-half recurring revenue beat market expectations.
The stock was the best performer on the S&P/ASX 200 benchmark index after Megaport reported an 18% rise in annualized recurring revenue to 226.6 million Australian dollars, equivalent to about US$143.8 million.
That compared with an average analyst forecast of A$218.6 million, according to data compiled by Visible Alpha.
Shares in Megaport were recently 24% higher at A$11.83.
The growth in annualized recurring revenue, which is revenue for the last month of the reporting period multiplied by 12, could move analysts to upgrade their revenue forecasts, Citi analyst Siraj Ahmed said in a note.
The growth in annualized recurring revenue, coupled with currency moves, makes the company's A$216 million-A$222 million guidance look conservative, Ahmed added.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
February 19, 2025 19:36 ET (00:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。