The Australian market has shown a slight uptick with the ASX200 rising by 0.11% to 8,240 points, driven largely by gains in the Discretionary and Real Estate sectors, while the IT sector lagged behind. In this context of mixed sector performance, identifying high growth tech stocks like Megaport and others requires a focus on companies that can navigate current market conditions effectively and demonstrate resilience amidst shifting investor sentiment.

Top 10 High Growth Tech Companies In Australia

Click here to see the full list of 57 stocks from our ASX High Growth Tech and AI Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Megaport

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Megaport Limited offers on-demand interconnection and internet exchange services to enterprises and service providers across various regions including Australia, New Zealand, Hong Kong, Singapore, Japan, North America, Italy, and Europe with a market capitalization of A$1.07 billion.

Operations: Megaport generates revenue through its on-demand interconnection and internet exchange services, with significant contributions from North America (A$110.81 million), Asia-Pacific (A$52.58 million), and Europe (A$31.88 million).

Megaport, a global Network as a Service provider, is enhancing its strategic positioning with recent expansions and executive appointments. The company's entry into Brazil and addition of 14 new European data centers underscore its commitment to broadening global connectivity. Notably, the appointment of Mohit Lad as Non-Executive Director brings valuable expertise from his tenure at Cisco and ThousandEyes, promising to drive innovation in networking solutions. Financially, Megaport has turned profitable this year with an impressive forecasted annual earnings growth of 27.9% and revenue growth at 10.9%, outpacing the Australian market's average. These developments suggest robust potential for Megaport in addressing the high demands of digital infrastructure across diverse industries globally.

• Click here to discover the nuances of Megaport with our detailed analytical health report.

• Learn about Megaport's historical performance.

Qoria

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Qoria Limited is engaged in the marketing, distribution, and sale of cyber safety products and services across Australia, New Zealand, the United Kingdom, the United States, Europe, and other international markets with a market capitalization of A$592.41 million.

Operations: Qoria Limited generates revenue primarily from its cyber safety services, amounting to A$101.88 million. The company operates across multiple regions, including Australia, New Zealand, the UK, the US, and Europe.

Qoria, navigating through its unprofitable phase, is poised for significant growth with expected revenue increases at 15% annually, outstripping the Australian market's average of 5.9%. The recent executive shuffle, including Jack Rosagro's appointment as Company Secretary, brings fresh governance expertise pivotal for Qoria’s strategic expansion in tech sectors. Despite a challenging comparison to the software industry due to its current lack of profitability, Qoria’s forecasted earnings growth of 67.1% per year heralds a robust potential turnaround. This trajectory is supported by substantial insider selling and an anticipated low return on equity at 4.8%, which may raise concerns about future financial stability and shareholder returns.

• Click to explore a detailed breakdown of our findings in Qoria's health report.

• Examine Qoria's past performance report to understand how it has performed in the past.

Technology One

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Technology One Limited is an Australian company that develops, markets, sells, implements, and supports integrated enterprise business software solutions both domestically and internationally, with a market cap of A$9.50 billion.

Operations: Technology One generates revenue primarily from software, contributing A$347.35 million, followed by corporate and consulting services at A$87.02 million and A$72.17 million, respectively. The company's business model focuses on providing integrated enterprise software solutions across various sectors both in Australia and internationally.

Technology One, an Australian software firm, is demonstrating robust growth with a 12.4% annual increase in revenue and a notable 16.1% rise in earnings per year, outpacing the national market average of 5.9%. This performance is bolstered by strategic R&D investments which have significantly contributed to both product innovation and market expansion. Recently, the company announced a dividend increase following strong full-year results with revenue reaching AUD 506.54 million and net income at AUD 118.01 million, reflecting its operational success and commitment to shareholder returns. With these developments, Technology One continues to enhance its competitive stance in the tech sector while maintaining steady financial health through effective capital management strategies.

• Get an in-depth perspective on Technology One's performance by reading our health report here.

• Understand Technology One's track record by examining our Past report.

Turning Ideas Into Actions

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASX:MP1 ASX:QOR and ASX:TNE.

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