Megaport shares surged following its June 2022 quarterly update

Megaport Limited (ASX: MP1) has released its June 2022 quarterly update. During the quarter, MP1 drove record Monthly Recurring Revenue growth of 13% QoQ, up A$1.2 million to A$10.7 million in June 2022.

• The total revenue during the quarter increased 10% to A$30.6 million compared to March 2022 quarter.
• The annual recurring revenue stood at A$122 million.
• During the quarter two new markets, Canada and Japan, became individually profitable before schedule, contributing to the Group EBITDA performance.
• MP1 sold 1,447 new services.
•  Net new ports increased 6% to 9,545.
• Strong port sales together with a 7% rise in average revenue per port to A$1,120 per month reinforced record MRR growth in the quarter.

At AEST 10:45, MP1 shares surged 23.493% and are trading at A$7.990.

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