Why Rumble Stock Is Ripping Higher After Hours

Rumble Inc RUM shares are taking off in Thursday's after-hours session after the company reported strong fourth-quarter results and announced new agreements for exclusive streaming rights.

What Happened: Rumble said fourth-quarter revenue increased 579% year-over-year to $20 million, which beat consensus estimates of $10.18 million, according to Benzinga Pro.

Average global monthly active users grew to 80 million, up 142% on a year-over-year basis. The average minutes watched per month increased by 31% in the fourth quarter.

Rumble said it ended the quarter with $338.3 million in cash, equivalents and marketable securities.

The company also reached agreements for exclusive streaming rights of Nitro Rallycross and Street League Skateboarding. 

"We are quickly becoming the go-to destination for live digital sports, particularly sports leagues that are built for social media and amplified by mega influencers," said Chris Pavlovski, chairman and CEO of Rumble.

See Also: Why Nikola Shares Are Tumbling After Hours

RUM Price Action: Rumble shares were up 25.2% after hours at $11.72 at the time of publication, according to Benzinga Pro.

Photo: Frank Reppold from Pixabay.