It has been a busy start to the week for the tech sector.
This morning a number of growing tech companies released their third quarter updates.
Three that caught my eye are summarised below. Here's how they are performing:
Megaport Ltd (ASX: MP1)
The Megaport share price is trading lower today after releasing its quarterly update. The provider of elasticity connectivity and network services reported a 10% quarter on quarter increase in revenue to $15.2 million. This was driven by a 6% lift in customer numbers to 1,777 and a 12% jump in total services to 15,531. Megaport's monthly recurring revenue was up 19% quarter on quarter to $5.4 million. One cause for concern was its cash receipts, which fell slightly quarter on quarter. Management notes that there have been some internal delays and expects cash collections to be higher in the fourth quarter.
Praemium Ltd (ASX: PPS)
The Praemium share price is tumbling lower today after revealing a quarter on quarter decline in funds under administration (FUA). According to the release, the investment platform provider's FUA fell 5% to $19.4 billion. However, this was due to the ASX and FTSE declining 24% and 31%, respectively, over the period. This offset net inflows of $152 million in Australia and $169 million for its International segment during the March quarter.
Whispir Ltd (ASX: WSP)
The Whispir share price is up 4% after the communications workflow platform provider delivered solid quarter on quarter growth. According to the release, the company's Annualised Recurring Revenue grew 10.4% quarter on quarter to $40.5 million. This was driven by a record addition of 49 net new customers and increased platform use by existing customers. Another positive was that its net cash used in operating activities reduced to $1.4 million from $2.1 million three months earlier. Whispir ended the period well-funded for growth with a cash and equivalents balance of $16.7 million.
