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- IT services provider Megaport (MP1) enjoyed general steady growth across most of its key metrics over the March quarter
- The ASX-lister reported an 8 per cent increase in monthly recurring revenue on the previous quarter, bringing Megaport’s total revenue for the quarter to $19.6 million
- Customer receipts, however, were 22 per cent lower on the back of a record high prior corresponding period for the ASX-lister
- Network operating cash outflows were more subdued over the period which the company attributed to cost-saving initiatives, settlement timings, lower staff costs and a modestly reduced marketing spend
- Megaport rounded off the quarter with roughly $141.5 million in cash and equivalents
- Megaport shares are up a solid 7.26 per cent trading at $12.55 each
IT services provider Megaport (MP1) enjoyed general steady growth across most of its key metrics over the March quarter.
The ASX-lister reported an 8 per cent increase in monthly recurring revenue on the previous quarter to help bring Megaport’s total revenue for the quarter ended March 31 $19.6 million, marking a five per cent increment on Q2 Fy21.
Customer receipts, however, fell 22 per cent on the previous quarter to clock in at $20.2 million following on from what the company described as a “record high” of $25.8 million in the previous quarter.
The company managed to keep cash outflows subdued compared to the previous period stemming from cost-saving initiatives, settlement timings, lower staff costs and a modestly reduced marketing spend.
Network operating cash outflows were $8.7 million compared to $10.7 million in the previous quarter.
Megaport rounded off the quarter with roughly $141.5 million in cash and equivalents.
In terms of operational activities over the period, Megaport announced the launch of Megaport Virtual Edge, which it describes as an on-demand vendor-neutral
Network Function Virtualization service that enables branch-to-cloud connectivity on Megaport’s global software network.
Megaport shares are up a solid 7.26 per cent trading at $12.55 at 1:18 pm AEST.
