Shares of Rumble Inc. (RUM) surged 5.37% in pre-market trading on Tuesday following the release of the company's fourth-quarter 2024 earnings report. The video-sharing platform's stock price jump reflects investor optimism about the company's better-than-expected sales performance and user growth.
Rumble reported Q4 2024 sales of $30.228 million, surpassing analyst estimates of $29.733 million and representing a robust 48% year-over-year growth. The company's average global Monthly Active Users (MAUs) reached 68 million, with a notable 21% sequential growth in U.S. and Canada MAUs to 52 million. This strong performance demonstrates Rumble's ability to expand its user base and effectively monetize its platform in a competitive social media landscape.
Despite reporting a wider-than-expected GAAP loss per share of $(1.15) compared to the estimated $(0.12), investors appear to be focusing on Rumble's positive revenue trajectory and growth prospects. The company provided an optimistic outlook for Q1 2025, projecting at least 25% year-over-year revenue growth. Additionally, Rumble's recent $775 million strategic investment from Tether has bolstered its financial position, potentially fueling further expansion and development efforts.
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