Benzinga - by Chris Katje, Benzinga Staff Writer. Video platform Rumble Inc (NASDAQ: RUM) reported second-quarter financial results after the market close Monday. Here are the key highlights.
What Happened: Rumble reported second-quarter revenue of $24.97 million, which was up 468% year-over-year. The revenue total beat a Street consensus estimate of $18.15 million, according to data from Benzinga Pro.
The company said advertising revenue was up $18 million in the second quarter year-over-year and licensing/other revenue was up $2.6 million year-over-year.
The company reported a loss of 15 cents per share for the second quarter, which missed a Street consensus estimate of a loss of 8 cents per share.
The company reported 44 million average global monthly active users, down from 48 million in the first quarter. The monthly active user base was made up of 28 million MAUs from the U.S. and Canada.
Minutes watched per month were up 46% year-over-year in the second quarter to a total of 11.8 billion.
The company ended the second quarter with $296.7 million in cash and cash equivalents.
“The success achieved in the second quarter is evident in our top-line growth – we generated revenue of $25 million, which is a company record,” Rumble CEO Chris Pavlovski said.
“This early monetization of our users is proof that we not only have the audience, but most importantly, the capabilities to monetize our user base.”
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What’s Next: Rumble said it strengthened its advertising business with the release of “Rumble’s Creator Sponsorship Marketplace,” calling it a critical step forward for creator sponsorship revenue and as a value offering.
The company highlighted recent launches of several new channels including Kai Cenat and IShowSpeed, The Quartering, Mizkif, JiDion and Robert Kennedy Jr.
“Many of our newly announced and onboarded creators resonate with the younger demographic,” Pavlovski added. “Their audiences are the hardest to reach for advertisers, making these creators and their fans a ripe target for Rumble.”
Rumble said its Rumble Cloud platform should launch by the end of 2023.
“While I am very pleased with the results of Q2 2023, I am more excited about our trajectory and the mission that drives us forward.”
Rumble will livestream the highly anticipated first Republican primary debate for the 2024 presidential race that takes place on Aug. 23. Rumble also has the livestreaming rights to the second Republican primary debate set for Sept. 27.
Both events will be broadcast by Fox Corporation (NASDAQ: FOX)(NASDAQ: FOXA), with Rumble also getting a piece of the audience via the livestreams.
GOP frontrunner Donald Trump is said to be skipping the first debate, but the appearances of several leading Republican contenders could generate huge interest in the event and potentially help Rumble in the next quarter.
RUM Price Action: Rumble shares are down 1% to $8.18 in after hours trading Monday versus a 52-week trading range of $5.81 to $17.22.
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