The S&P/ASX All Technology Index (ASX: XTX) is up 3.64% so far today, but these three ASX tech shares are soaring far higher.
Megaport Ltd (ASX: MP1), Vection Technologies Ltd (ASX: VR1), and SmartPay Holdings Ltd (ASX: SMP) shares are have all risen by more than 15%.
Let's take a look at why these ASX tech shares are leaping ahead on Wednesday.
Megaport
Megaport shares are up 20% at the time of writing. However, in earlier trade, the company's share price lifted 38%. Investors bid up the company's shares following Megaport reporting an EBITDA profit for the first time. Monthly Recurring Revenue jumped 13% on the previous quarter to $10.7 million. This was underpinned by an increase in multi-cloud connections, strong port sales, a rise in customers, and the company's launch in Mexico. Commenting on the results, CEO Vincent English said:
The underlying Megaport network and business model has strong operating leverage to further increase profit and generate cash as revenue grows.
Vection Technologies
The Vection share price also leapt 20% earlier today despite no news out of the company. At the time of writing, Vection shares are fetching 8.8 cents each, after reaching a high of 9.5 cents a share this morning. It seems the overall strong performance of the technology sector could be boosting the company's shares today. ASX tech shares are rising today following a strong day on the NASDAQ in the US. The technology-heavy index surged 3.1% in America on Tuesday. Other Australian tech shares surging higher include Life360 Inc (ASX: 360), up 5%, and BrainChip Holdings Ltd (ASX: BRN), lifting 13.64%. Vection helps businesses connect to the digital world via 3D technology, virtual reality, augmented reality, and IoT. In FY22, Vection boosted its total contract value to $19 million, according to a release on 30 June. The company is expecting to report revenue of $17 to $19 million for the financial year.
SmartPay Holdings
Finally, SmartPay Holdings shares are nearly 16% higher today. This follows the company providing a quarterly trading update. Australian total transaction value lifted a mammoth 71% year on year, while consolidated revenue leapt 48%. Smartpay said customer acquisition results are essentially back to the levels seen prior to COVID-19. Commenting further on the result, SmartPay said:
Increasing the investment in marketing and sales has resulted in record months for lead generation and has delivered accelerated customer acquisition in the first quarter of FY23 with over 1,200 new transacting terminals added through to the end of June '22.
