Posted on August 13, 2022
Rising prices and broad-based inflation have forced Megaport to lay off 35 staff, with the telco infrastructure company cutting enough to turn earnings positive in the fourth quarter, and narrow its overall losses.
Megaport shares jumped 9 per cent on Tuesday to $9, bucking the broad-based selloff in loss-making technology stocks. While investors were heartened by the results, Megaport is still down 53 per cent since the start of the year.
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