SurgePays Q2 revenue rises on smartphone rent-to-own program growth
SURG•Growth drivers
The company said revenue growth was driven by its diversified, multi-channel revenue architecture, with each channel in early growth stages, according to CEO Brian Cox.
SurgePays also reported a 9.3% decline in first-half general and administrative expenses, which helped improve profitability.
The company cited continued growth in its smartphone rent-to-own program, with July retailer sales up 23% from June.
Key reported figures
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $16.20 million | $13.80 million (1 analyst) |
| Q2 EPS | $0.05 | ||
| Q2 Net Income | $1.29 million |
The one available analyst rating on the shares is buy. The median 12-month price target for SurgePays Inc. is $3.50, about 1,319.3% above its August 13 closing price of $0.25.
Joint venture and outlook
SurgePays formed the Redline Wireless Group joint venture, targeting .
