Why the Megaport (ASX:MP1) share price is surging 7% higher today

After a slow start to the day, the Megaport Ltd (ASX: MP1) share price is surging higher this afternoon.

At the time of writing, the shares of the global leading provider of elastic interconnection services are up 7% to $14.20.

Why is the Megaport share price surging higher?

Investors have been fighting to get hold of Megaport shares today following the release of its half year update.

According to the release, for the six months ended 31 December, Megaport reported revenue of $36 million. This was an increase of $10.1 million or 39% from the prior corresponding period.

Furthermore, at the end of the period, the company’s Monthly Recurring Revenue (MRR) stood at $6.3 million. This was up $1.7 million or 37% year on year and…