SurgePays, Inc. (SURG) Reports Q3 Loss, Misses Revenue Estimates

Company Performance - SurgePays, Inc. reported a quarterly loss of $0.73 per share, significantly worse than the Zacks Consensus Estimate of a loss of$0.22, representing an earnings surprise of -231.82% [1] - The company's revenues for the quarter ended September 2024 were $4.77 million, missing the Zacks Consensus Estimate by 44.79$34.16 million in the same quarter last year [2] - Over the last four quarters, SurgePays has not surpassed consensus EPS estimates and has only topped consensus revenue estimates once [2] Stock Movement and Outlook - SurgePays shares have declined approximately 74.4% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The future performance of SurgePays stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of$10.66 million, and for the current fiscal year, it is -$1.03 on revenues of$65.8 million [7] Industry Context - The Internet - Software industry, to which SurgePays belongs, is currently ranked in the top 21% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of SurgePays may also be influenced by the overall industry outlook, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]