The Megaport Ltd (ASX: MP1) share price has jumped 3.34% higher to $3.86 this morning after announcing its results for the first half of the 2019 financial year.
The network and cloud services provider continues to show solid growth with an increase in reported revenue of 72% on the previous corresponding period.
Megaport provides "elastic interconnection services". Essentially, it provides "Network as a Service", allowing its clients to connect to cloud-based software on an on-demand basis. The fast-growing company is the leading global player of elastic interconnection services but is yet to turn a profit.
A summary of financial and operating highlights for the period is provided below:
- Increased reported revenue by 72% and Monthly Recurring Revenue (MRR) by 70%
- Net loss for the period was $16.6 million
- End of period cash balance of $38.1 million
- Total services increased by 33% on the prior period and Average Revenue per Port grew 13%
Chief Executive Officer, Vincent English said: "Megaport had a solid performance during the first half of the Fiscal Year 2019. During the period, we made significant investments in our sales and go-to-market engine while continuing to expand our footprint to new data centres and integrating with more cloud on-ramps."
"Megaport is well-positioned to capture the opportunity driven by the ever-growing demand for cloud connectivity."
