Shares of Rumble Inc. (RUM) soared 5.37% in pre-market trading on Tuesday, following the release of the company's fourth-quarter 2024 earnings report. The video-sharing platform's stock price jump reflects investor optimism about the company's better-than-expected sales performance.
Rumble reported Q4 2024 sales of $30.228 million, surpassing analyst estimates of $29.733 million. This revenue beat demonstrates the company's ability to grow its user base and monetize its platform effectively, despite facing stiff competition in the social media landscape.
However, the earnings report also revealed a GAAP earnings per share (EPS) of $(1.15), which appears to be significantly lower than the estimated $(0.12). It's worth noting that the company stated these figures may not be directly comparable, suggesting potential one-time charges or accounting adjustments that could explain the discrepancy. Despite this, investors seem to be focusing on the positive sales performance, driving the stock's pre-market rally.
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