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Why Did SurgePays Plunge 13.69%? Revenue Drop 56%
Generated by AI AgentAinvest Movers Radar
Wednesday, May 14, 2025 7:54 am ET1min read
On May 14, 2025,
experienced a significant drop of 13.69% in pre-market trading, reflecting a challenging period for the company.SurgePays reported a 56% decline in revenues for 2024 compared to 2023, primarily due to the shutdown of the ACP federal funding. This financial setback resulted in a gross loss of $14.3 million, highlighting the company's struggles in maintaining profitability.
Despite the revenue decline, SurgePays saw a revenue boost in the first quarter of 2025, outpacing forecasts. However, this was accompanied by a slight miss in earnings per share (EPS), indicating mixed financial performance.
In response to the revenue drop, SurgePays is focusing on strategic partnerships and new revenue models to drive future growth. This strategic shift aims to mitigate the impact of the revenue decline and position the company for long-term success.
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