Zinger Key Points
- Rumble said fourth-quarter revenue increased 2% year-over-year to $20.39 million, which missed the consensus estimates of $28.13 million.
- The company reported a loss of 14 cents per share, which beat estimates for a loss of 22 cents per share.
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Rumble Inc RUM shares are trading lower Thursday on the heels of the company’s fourth-quarter financial results. Here’s what you need to know.
What Happened: Rumble said fourth-quarter revenue increased 2% year-over-year to $20.39 million, which missed the consensus estimates of $28.13 million, according to Benzinga Pro. The company reported a loss of 14 cents per share, which beat estimates for a loss of 22 cents per share.
Average global monthly active users were 67 million in the fourth quarter, up 16% quarter-over-quarter. Average minutes watched per month was 10.5 billion in the quarter, down from 10.7 billion in the third quarter.
The company ended the quarter with $219.5 million in cash, cash equivalents and marketable securities.
“Looking ahead, with our functioning products now online, we expect clarity on the performance of our assets beginning in the second quarter, leading to a stronger topline in the second half of the year,” said Chris Pavlovski, chairman and CEO of Rumble.
“With our trajectory for monetization becoming more evident as we progress through 2024, our commitment to deliver long-term value to all stakeholders and our path towards breakeven in 2025 are well underway.”
Rumble expects revenue to increase on a sequential basis, beginning in the second quarter.
“As a result of our revenue engines coming online and our guaranteed creator commitments set to significantly decrease by the end of 2024 and into 2025, we continue to move materially towards breakeven in 2025,” the company said.
Following the print, Oppenheimer analyst Jason Helfstein maintained Rumble with a Perform rating.
Rumble is a video platform and cloud services provider focused on creating an independent infrastructure. The company entered into a technology and cloud services agreement with Trump Media & Technology Group DJT in late 2021.
Related Link: Rumble Q4 Earnings Highlights: Revenue Miss, EPS Beat, Rumble Cloud ‘Biggest Accomplishment To Date’
RUM Price Action: Rumble shares were down 3.88% at $8.17 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
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