A company that operates in the field of social media. Rumble ( RUM 0.17% ) The stock had a successful Tuesday, with its share price surging over 5% due to a strong earnings report that exceeded analyst predictions. This impressive performance outperformed market expectations. S&P 500 , which ended Tuesday with a 1.7% increase.
Strong increase in revenue during the second quarter
Rumble’s financial results for the second quarter were released on Monday after the market closed, showing that the company generated $22.5 million in revenue. This amount represents a significant 27% increase compared to the previous year and exceeded the average prediction of $19.7 million by analysts.
When it comes to operational measurements, the monthly average users (MAUs) are seen as a crucial metric. social media Businesses also experienced growth during this period. The total number of companies reached 53 million in the current quarter, which is an increase from 50 million in the last quarter. It is important to note that this marks the tenth quarter in a row where the count has exceeded 40 million.
Rumble, a platform favored by users with conservative political views, also succeeded in reducing its overall financial loss. The company reported a net loss of $26.8 million, equivalent to $0.13 per share, compared to the previous year’s loss of $29.5 million. This performance exceeded the expected forecast of a loss of $0.15 per share.
Unclear but optimistic advice
In its financial report, Rumble provided an outlook for the full year, although it was not very specific. The company mentioned that if their sponsorship deals with advertisers meet their projections and political ad spending increases during the election season, they anticipate a gradual revenue growth over the course of 2024.
The sole prediction it provided regarding profitability is its goal to make significant progress towards breaking even. non-GAAP Earnings before interest, taxes, depreciation, and amortization (EBITDA) EBITDA ) in 2025.
