Benzinga - by Chris Katje, Benzinga Staff Writer.
Video-sharing platform Rumble Inc (NASDAQ:RUM) reported first-quarter financial results after the market close Tuesday.
Here are the key highlights.
Rumble’s Q1 Report: Rumble reported first-quarter revenue of $17.7 million, up 1% year-over-year. The revenue total missed a Street consensus estimate of $18.3 million, according to data from Benzinga Pro.
The company reported a loss of 21 cents per share for the first quarter, missing a Street consensus estimate of a loss of 19 cents per share.
Rumble had 50 million average global monthly active users (MAUs) in the first quarter, making it the ninth consecutive quarter of 40 million or more average global MAUs on the platform. The figure was down from 67 million global MAUs in the fourth quarter. A total of 35 million MAUs were based in the United States and Canada in the quarter.
The average minutes watched per month totaled 8.6 billion in the first quarter, down from 10.5 billion in the fourth quarter.
Rumble said it completed its "foundational product portfolio" with Rumble Video, Rumble Advertising Center, Rumble Studio and Rumble Cloud.
"Most impressive during this first quarter was our team's diligent focus on the execution to continue building our foundation – Rumble's portfolio of four captive products that are fully functional revenue drivers," Rumble CEO Chris Pavlovski said.
The company ended the first quarter with $183.8 million in cash.
Related Link: Rumble Q1 Earnings Preview: Analyst Estimates, Cloud & Advertising Platform Monetization Efforts
What's Next For Rumble: The company announced a strategic partnership with Barstool Sports that will include the full content library of Barstool Sports creators. Rumble Cloud services will be used to support Barstool in a mutual advertising deal.
Rumble also highlighted that it filed a second antitrust lawsuit against Google, a unit of Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL). The company accused Google of a monopoly of the online advertising market and is seeking damages of $1 billion. This is a separate lawsuit from one filed in January 2021 and is expected to go to trial in May 2025.
Rumble said it will begin reporting several new metrics later this year including average revenue per user.
The company is guiding for second-quarter revenue to increase from the first quarter. The company sees its breakeven occurring in 2025.
"With the appropriate user base in place for monetization, we plan on shifting focus to a new metric to closely measure the monetization progress with the planned introduction of ARPU later this year," Pavlovski said.
"Our management team is focused on providing transparency to the investment community to help evaluate Rumble's performance, and we believe this will be best demonstrated through ARPU."
RUM Price Action: Rumble shares are down 2.94% to $6.94 in after-hours trading Tuesday versus a 52-week trading range of $3.33 to $11.25.
Read Next: Trump Media Firm’s Tech-Ad Partner Rumble Sues Google For $1B Over Alleged Ad Monopoly
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