BUZZ-Australia's Megaport slumps on weaker-than-expected forecasts

Reuters04-29

** Shares of network infrastructure operator Megaport Ltd

fall as much as 7.8% to A$13.170, marking their biggest intraday drop since Oct. 26, 2023

** MP1 trading 6.9% lower at A$13.32 as of 0025 GMT, hits lowest level since Feb. 21

** MP1 worst performer in the ASX 200 benchmark index

** Co upgrades FY24 EBITDA forecast to between A$56 mln ($36.66 mln) and A$58 mln from A$51 mln-A$57 mln

** Expects FY24 revenue between A$190 mln and A$195 mln, up from last year's A$153.1 mln

** Citi says revenue and EBITDA guidance "conservative"

** MP1's 3Q ARR of A$199 mln is below Citi forecast of A$200 mln

** MP1 up 55.3% this year, as of last close

($1 = 1.5277 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com; Twitter: ))

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