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.
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