Surgepays (NASDAQ:SURG) stock is down on Wednesday following the release of the technology and telecommunications company’s fourth quarter 2023 earnings report.
The bad news for SURG stock starts with its diluted earnings per share of 19 cents for the quarter. That’s well below the 40 cents per share that Wall Street was expecting. It’s also lower than the 31 cents per share from the same period of the year prior.
Also not helping matters is the company’s revenue of $32.3 million in Q4. This is another miss next to analysts’ estimate of $33.55 million. It’s also down 7.4% year-over-year from the $36.23 million reported in the fourth quarter of 2022.
Surgepays CEO Brian Cox said the following in the earnings report:
“2023 was an excellent year for SurgePays. Our management team has done an outstanding job executing our growth strategy and delivered record financial results. Compounding profits, execution, and momentum from 2023, in conjunction with our successful raise in January and subsequent warrants exercised, have put us in the best financial position ever, with over $40 million in cash.”
How This Affects SURG Stock Today
Investors are not impressed with the latest Surgepays earnings report. That has shares of SURG stock falling 26.8% as of Wednesday morning.
SURG’s movement today also sees some 201,000 shares traded. The company’s daily average trading volume is about 728,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
