Rumble Inc. (RUM) experienced a surge in its stock price on Tuesday following the release of its second-quarter earnings report, which exceeded analysts’ expectations. The company reported revenue of $22.469 million, surpassing the estimated $19.69 million. Additionally, Rumble reported a quarterly loss of 13 cents per share, beating the predicted loss of 15 cents per share.
While total revenue dipped from $25 million year-over-year, it saw a sequential increase of 27%. The company also reported a rise in average monthly active users from 50 million in the first quarter to 53 million in the second quarter. Rumble’s average revenue per user stood at 37 cents. Notably, the second quarter marked the tenth consecutive quarter where the company exceeded 40 million average global monthly active users.
Rumble highlighted its achievement of new company records for concurrent livestream viewers during the first presidential debate between President Joe Biden and former President Donald Trump in June, reaching a peak of 718,909 concurrent live viewers.
Chris Pavlovski, chairman and CEO of Rumble, expressed optimism about the company’s growth trajectory, stating that the second quarter demonstrated the potential for monetizing its expanding audience. He highlighted the increasing adoption of its product suite and the progress in securing cloud customers, indicating a positive trend in the company’s expansion into the cloud space.
Rumble concluded the quarter with $154.2 million in cash, cash equivalents, and marketable securities. Following the earnings announcement, Wedbush analyst Scott Devitt maintained a Neutral rating for Rumble and kept its price target at $8.
RUM shares traded above the $6.30 level after the earnings release, before pulling back slightly. At the time of publication, the stock was up 3.65% at $5.96.
