Rumble, Inc. RUM shares are trading lower Tuesday after the company reported a sequential decline in global Monthly Active Users (MAUs).
The Details:
Rumbled released its second-quarter financial reports and operational update which included average global MAUs of 44 million in the second quarter, representing a decline from 48 million MAUs in the first quarter of 2023. Rumble stated that the decrease in MAUs continues to be the result of increased competition and a slowdown of news and politics outside of the US election cycle.
Rumble also reported a quarterly loss of 15 cents per share missing estimates of a loss of 8 cents per share and second-quarter revenue of $24.974 million.
Rumble CEO, Chris Pavlovski, stated, "The company is well-capitalized, with the funds from the de-SPAC at our disposal to continue improving our RAC and Cloud products, along with making opportune creator and content acquisitions. Rumble remains an attractive platform that continues to better itself for creators, and we are extremely diligent with respect to creators and the ROI that they project to generate. We are responsible for diversifying our audiences, increasing consumption, and assessing the potential creators' ability to deliver returns to our shareholders."
Shares of RUM are lower on above-average trading volume. According to data from Benzinga Pro, more than 1.9 million shares have been traded, compared to the stock's 100-day average of 1.211 million shares.
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RUM Price Action: According to Benzinga Pro, Rumble shares are down by nearly 12% at $7.26 at the time of publication.
Image: OpenClipart-Vectors from Pixabay
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