Zinger Key Points
- Rumble reports first-quarter revenue of $17.6 million, which was up 336% year-over-year.
- The company announced a new show coming from two of the top streamers.
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Video platform Rumble Inc RUM reported first quarter financial results after the market close Monday. Here are the key highlights.
What Happened: Rumble reported first-quarter revenue of $17.6 million, which was up 336% year-over-year. The revenue total beat a Street estimate of $15.93 million, according to data from Benzinga Pro.
The company reported a loss of 14 cents per share in the first quarter.
In the first quarter, the company had average monthly active users of 48 million, which was up 17% year-over-year. MAUs were down from 80 million in the fourth quarter, which the company attributed to the 2022 election.
Minutes watched per month in the first quarter totaled 10.8 billion, up from 10.5 billion in the first quarter of 2022.
The content highlighted in the first quarter included an announcement of a pay-per-view comedy special, “Brandemic,” from Russell Brand, an agreement with Power Slap for global rights to season two and the relaunch of “The Dan Bongino Show.”
The company ended the quarter with $326.3 million in cash.
“The first quarter of 2023 concluded with a major milestone of agreements for the rights to three sports leagues, SLS and NRX, in additional to the previously announced Power Slap,” Rumble CEO Chris Pavlovski said.
Pavlovski said Rumble is gaining market share from traditional streaming providers.
“We remain in the position to empower and welcome independent creators offering a world class experience and the best economic toolkit on the internet.”
Related Link: Trading Strategies For Rumble Stock After Q1 Earnings
What’s Next: Along with quarterly financial results, the company announced it is adding an exclusive livestream show from Kai Cenat on Rumble. Cenat is the most subscribed streamer in the history of Twitch, a streaming platform popular with gamers owned by Amazon.com Inc AMZN.
Teaming up with Cenat for the joint live streamed show is IShowSpeed, bringing the No. 1 U.S.-based gaming streamer on Alphabet Inc GOOGGOOGL-owned YouTube to the platform.
Called “The Kai ‘N Speed Show,” a trailer will be released soon for the highly anticipated show.
The duo's first stream will take place May 26.
“We believe we are not just a leader in political content, but are also leading in sports and culture. These mega influencers give us further access to a demographic that contains one of the most desired audiences to reach,” Pavlovski said.
Rumble also announced the acquisition of Callin, a podcasting and livestreaming platform from David Sacks. The acquisition is said to “accelerate Rumble’s product roadmap and enable world class live streaming experience."
Sacks is being added to Rumble's board and will join the company in the second half of June 2023.
“As the next step of Callin’s progression, I am excited to take its capabilities to the next level by joining forces with Rumble, a platform with significant size, influence, and reach,” Sacks said.
Rumble also announced it has an online streaming partnership with the Republican National Committee for the first presidential debate for the GOP party, scheduled for August 2023.
RUM Price Action: Rumble shares are down 4.75% to $9.52 in after-hours trading.
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