Megaport shares jump on first positive earnings

The news: Megaport has posted its first positive normalised EBITDA, as improved growth encouraged investors to lift the networks company's share price by as much as 23%.

The numbers: Despite the uptick, Megaport recorded a net loss of $9.8 million, though it was an improvement on FY22's $48.5 million loss. No dividend was declared. Megaport shares were up 17.6% to $12.22 at 2:50pm AEST

The context: Megaport has improved guidance multiple times since chair and founder Bevan Slattery took over as CEO in March. Its share price jump came as ASX's IT sector enjoyed a more than 5% boost, following the NASDAQ's lead from Monday night.