Australian networking technology company Megaport raised its annual profit forecast after the company signed an A$1 billion artificial intelligence infrastructure agreement with an undisclosed cloud service provider. The company said the agreements include a three-year network connectivity service contract with an unnamed cloud service provider and a five-year contract with an unnamed data center operator. Affected by this news, the company's stock price once soared more than 20% in early trading, to a new high of nearly four weeks. Megaport currently expects profit before interest, taxes, depreciation and amortization for the 2025 fiscal year to be between $60 million and $66 million, higher than the previous forecast range of $57 million to $65 million. The company also expects revenue for the 2025 fiscal year to be between $214 million and $218 million, higher than the previous forecast range of $209 million to $217 million.

Australian networking technology company Megaport raised its annual profit forecast after the company signed an A$1 billion artificial intelligence infrastructure agreement with an undisclosed cloud service provider. The company said the agreements include a three-year network connectivity service contract with an unnamed cloud service provider and a five-year contract with an unnamed data center operator. Affected by this news, the company's stock price once soared more than 20% in early trading, to a new high of nearly four weeks. Megaport currently expects profit before interest, taxes, depreciation and amortization for the 2025 fiscal year to be between $60 million and $66 million, higher than the previous forecast range of $57 million to $65 million. The company also expects revenue for the 2025 fiscal year to be between $214 million and $218 million, higher than the previous forecast range of $209 million to $217 million.