Did Megaport Limited continue its accelerated growth?Team Veye | 07 Apr 2020 ASX - MP1
Megaport Limited (ASX: MP1)
Megaport executes on an expansion plan and accelerates growth trajectory with a solid 3Q FY20 performance bolstered by strong product uptake: increasing Monthly Recurring Revenue by 19%, Ports by 11%, Virtual Cross Connects by 14%, and Megaport Cloud Router by 18%.
Megaport Limited (ASX: MP1) on 6 April 2020 reported quarterly Key Performance Indicators to 31 March 2020 and provides a global market update.
(Chart source: TradingView)
3Q FY20 highlights:
- Revenue for the period was $15.19M, an increase of 10% QoQ.
- Total MRR for March 2020 was $5.4M, an increase of $0.9M, or 19% QoQ.
- Total Installed Data Centres was 329 at the end of the quarter, an increase of 12, or 4% QoQ.
- Total Enabled Data Centres was 601 at the end of the quarter, an increase of 49, or 9% QoQ.
- Customers increased by 6% QoQ to a total of 1,777.
- Total Ports increased in the quarter to 5,375, or 11% QoQ.
- Total MCR increased in the quarter to 268, or 18% QoQ
- Total Services increased in the quarter to 15,531, or 12% QoQ, of which VXCs increased in the quarter to 8,529, or 14% QoQ.
- Average Revenue per Port in March 2020 increased to $1,008, or 8% QoQ.
- At the end of March 2020, the Company’s cash position was $108.7M. (Data Source – Company Reports)
Megaport’s Revenue for the period was $15.19M, an increase of 10% QoQ. Its customers increased by 6% QoQ to a total of 1,777. Total Services increased in the quarter to 15,531, or 12% QoQ, of which VXCs increased in the quarter to 8,529, or 14% QoQ. Average Revenue per Port in March 2020 increased to $1,008, or 8% QoQ. As the global demand for cloud services and connectivity solutions surges to unprecedented levels, Megaport continues to expand and innovate in support of the changing needs of the world’s business connectivity. Megaport remains firmly on track as it continues to execute its network expansion and operational goals. The stock after forming a good base is on the verge of completing a cup and handle pattern. It can have the potential of starting a fresh bullish move. We maintain a “Hold” on “Megaport Ltd” at the current price of $10.50
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