SurgePays fall after Q4 revenue missed estimates

Surgepays

12/03/2024 21:55

** Shares of telecom company SurgePays  SURG.O  fall 19.7%
to $5.61 in extended trading
    ** Company posts Q4 revenue of $32.3 mln vs estimates of
$33.5 mln - LSEG data
    ** Q4 revenue down 11% vs year ago
    ** SURG posts Q4 net income of $3 mln, same as previous year
    ** Co says will look to increase revenue growth in planned
non-subsidized Mobile Virtual Network Operations (MVNO) business
and Comprehensive Platform Services if Affordable Connectivity
Program (ACP) is not funded by Congress
    ** SurgePays shares have fallen ~2% in 2023

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))