Megaport's 3Q KPIs May Hint at Customer Churn -- Market Talk

Dow Jones04-29

0049 GMT - Megaport's soft 3Q customer numbers could suggest a degree of churn, according to Citi analyst Siraj Ahmed. The Australian communication tech provider's net addition of 12 customers in the March quarter was well short of the 50 expected by Ahmed, and lagged even the 39 added across the previous three months. A total of 681 net service additions compared with Ahmed's forecast of 815, primarily due to port additions being almost 60% weaker than he had expected. Nonetheless, Ahmed tells clients that free cash flow was stronger than he had anticipated, and he thinks that Megaport's upgraded guidance will still prove to be conservative given currency moves. Citi has a buy rating and A$16.80 target price on the stock, which is up 0.7% at A$3.585. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 28, 2024 20:50 ET (00:50 GMT)

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The Australian communication tech provider's net addition of 12 customers in the ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7043","symbol_name":"互联网服务与基础架构","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2431004342","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2431004342","pubTimestamp":1714351800,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0049 GMT - Megaport's soft 3Q customer numbers could suggest a degree of churn, according to Citi analyst Siraj Ahmed. 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