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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Megaport Limited | ASX:MP1 | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -1.56% | 12.58 | 12.56 | 12.72 | 12.74 | 12.405 | 12.70 | 885,950 | 09:50:00 |
By Stuart Condie
SYDNEY--Megaport Ltd.'s shares have tumbled to a two-year low after the pace of the Australian tech services company's revenue growth continued to stall in its fiscal third quarter.
The ASX-listed company on Thursday reported monthly recurring revenue for the three months through March of 9.5 million Australian dollars (US$7.1 million), up 3% from the second quarter. Stripping out the impact of currency moves, it grew 6% on quarter, the same pace seen in the second quarter and down from 11% in the first quarter.
Megaport's shares were 18% lower at A$10.41 and on course for their lowest close since April 8, 2020. The stock was the worst performing ASX 200 component and is down 44% so far in 2022.
The interconnectivity service provider--whose customers include Zoom Video Communications Inc., Uber Technologies Inc. and eBay Inc.--creates a virtual platform and leases so-called port access to technology customers.
It sold 1,577 new services in the third quarter at an average of 2.88 a port, which it said reflected increasing network usage by customers. Average revenue for each port in March was A$1,049, down 2.3% from the previous three months.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
April 20, 2022 23:17 ET (03:17 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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