** Shares of cloud connectivity provider Megaport MP1.AX rise 23% to A$11.740, their highest level since June 20, 2024

** Stock top pct gainer in the benchmark ASX 200 index .AXJO, which is down 1% as of 0050 GMT

** MP1 rose as much as 27.4% to A$12.150 earlier, marking its biggest intraday pct jump since January 30, 2024

** More than 3 million shares change hands, vs the 30-day average of less than a million

** Megaport reports annual recurring revenue $(ARR)$ of A$226.6 million ($143.9 million), up 18% from last year, and 4% ahead of Visible Alpha consensus

** Hikes lower end of its FY25 revenue outlook to between A$216 million and A$222 million, from prior range of A$214 million and A$222 million

** Citi says this is conservative as co's 1H25 ARR implies A$220 million revenue without any growth in 2H

** MP1 up 57% this year, including session's moves

($1 = 1.5748 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com;))