Shares of Rumble Inc. rocketed higher in Thursday’s extended session after the video-focused, right-leaning social-media platform reported fourth-quarter results that were better than Wall Street expected, helped by what the company said was a jump in users and video engagement.
The company — which pitches itself as a creator of “technologies that are immune to cancel culture” — reported a net loss of around $945,000, but broke even on a per-share basis. That compared with a $10.5 million net loss, or 6 cents a share, in the fourth quarter of 2021.
Revenue came in at $19.9 million during the quarter, compared with $2.9 million in the prior-year quarter. Average monthly active users jumped to 80 million. At the end of the fourth quarter of 2021, they stood at 33 million.
The two analysts polled by FactSet expected Rumble
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to report a per-share loss of 2 cents, on revenue of $10.2 million.
Shares raced 29.6% higher after hours on Thursday.
The company said it has launched new notification features for iOS and Android, as well as a platform that allows creators on the site to upload articles. It has also expanded video advertising and moved into sports content, following a partnership with Power Slap — a slap-fighting organization founded by UFC President Dana White whose second and third seasons will stream exclusively on the platform.
The platform has also drawn interest from conservative personality Steven Crowder and comedians like Russell Brand.
“Creators continue to realize the opportunity that Rumble offers, which is evident in the recent addition of mega-influencers to our Rumble Exclusives lineup, such as Steven Crowder and Dave Rubin, and by our successful entry into live sports,” Chief Executive Chris Pavlovski said in a statement.
“Our efforts are already yielding results — the U.S. midterm elections drove interest in news and politics, a core content vertical for Rumble, leading to substantial growth across our key performance indicators in November 2022,” he said.
