Rumble Inc (NASDAQ:RUM) shares are trading lower Tuesday after the company reported strong first-quarter results.
What Happened: Rumble said first-quarter revenue increased 336% year-over-year to $17.6 million, which beat average analyst estimates of $15.93 million, according to Benzinga Pro. The company reported a first-quarter loss of 14 cents per share.
Monthly active users increased 17% year-over-year to 48 million. Average estimated minutes watched per month increased 3% and hours of uploaded video per day increased 82%.
Rumble said it ended the quarter with cash, equivalents and marketable securities of $326.3 million.
“The first quarter of 2023 concluded with a major milestone of agreements for the rights to three sports leagues, SLS and NRX, in addition to the previously announced Power Slap, and subsequent to quarter end the addition of top streamers Kai Cenat and IShowSpeed,” said Chris Pavlovski, chairman and CEO of Rumble.
“We believe we are not just a leader in political content, but are also leading in sports and culture.”
Related Link: Rumble Q1 Earnings Report: Video Platform Adds Kai Cenat, IShowSpeed; David Sacks Joins Board; Revenue Beat And More
Rumble also announced that it acquired podcasting and live streaming platform Callin, which was founded by David Sacks. Sacks will join Rumble’s board.
The company also said it will be collaborating with Kai Cenat and IShowSpeed for an exclusive joint live streamed show on Rumble.
“Both Speed and Kai have done something that could change the landscape of the internet forever and we’re looking forward to what’s to come of this partnership,” Pavlovski said.
RUM Price Action: Rumble shares were down 4.4% at $9.55 at the time of publication, according to Benzinga Pro.
Photo: PublicDomainPictures from Pixabay.
