What's Going On With Rumble Stock Tuesday?

Rumble Inc RUM shares are volatile Tuesday after the company reported better-than-expected results for the second quarter.

What Happened: Rumble reported second-quarter revenue of $22.469 million, beating analyst estimates of $19.69 million. The company reported a quarterly loss of 13 cents per share, beating estimates for a loss of 15 cents per share, according to Benzinga Pro.

Total revenue was down from $25 million on a year-over-year basis, but up 27% sequentially. Average monthly active users came in at 53 million, up from 50 million in the first quarter. Average revenue per user was 37 cents. Rumble noted that the second quarter was its tenth straight quarter with more than 40 million average global monthly active users.

Rumble said it hit new company records for concurrent livestream viewers during the first presidential debate between President Joe Biden and former President Donald Trump in June. The company noted that it hit a peak of 718,909 concurrent live viewers.

Related Link: Rumble Q2 Earnings Highlights: Revenue Beat, EPS Beat, 3 Million More Monthly Users As 2024 Election Drives Audience To Platform

“The second quarter evidenced proof and traction that our audience is ripe for monetization,” said Chris Pavlovski, chairman and CEO of Rumble.

“With our focus on monetization and our product suite fully online, we are pleased with the early adoption that has taken hold, as is evident in both the progression of Cloud customers onboarded as well as the evolution of conversations to drive further partnerships expanding our total addressable market within the cloud space.”

Rumble ended the quarter with $154.2 million in cash, cash equivalents and marketable securities.

Following the print, Wedbush analyst Scott Devitt reiterated Rumble with a Neutral rating and maintained a price target of $8.

RUM Price Action: Rumble shares traded up above the $6.30 level on the report before pulling back. The stock was up 3.65% at $5.96 at the time of publication, according to Benzinga Pro.

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