Rumble stock slides after bigger-than-expected loss, says David Sacks will join board of directors
Shares of Rumble Inc. (RUM) fell after hours on Monday after the right-wing social-media and video platform reported a bigger first-quarter loss than expected and a drop-off in engagement from the fourth quarter, when the U.S. midterm elections drove greater site activity. Rumble also said that it acquired CallIn, a podcasting and live-streaming platform founded by tech entrepreneur and former PayPal chief operating officer David Sacks, and said Sacks would join its board of directors next month. Rumble reported a first-quarter net loss of $28.7 million, or 14 cents a share, compared with $3.9 million, or 2 cents a share, in the same quarter last year. Revenue increased more than four-fold to $17.6 million. Analysts polled by FactSet expected Rumble to lose 4 cents a share, on $15.9 million in sales. Average minutes watched per month rose 3% year-over-year to 10.8 billion, but fell from 11.1 billion in the fourth quarter. Monthly active users increased 17% year-over-year during the quarter to 48 million, but that was down from 80 million in the fourth quarter. Shares fell 8.4% after hours.
-Bill Peters
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May 15, 2023 16:47 ET (20:47 GMT)
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