Why Rumble Stock Surged 5% Higher Today
Social media company Rumble (NASDAQ: RUM) had a fine Tuesday as far as its stock was concerned. The share price zoomed more than 5% higher on the day, thanks to an earnings report that topped analyst expectations. That performance easily beat the frothy S&P 500, which closed Tuesday 1.7% higher.
Rumble's second-quarter numbers were published after market hours Monday, and they reveal that the company earned $22.5 million in revenue. This was a robust 27% higher on a year-over-year basis, and comfortably topped the average analyst estimate of $19.7 million.
In terms of operational metrics, monthly average users (MAUs) -- considered to be a critical metric for social media companies -- also saw improvement. This tally was 53 million for the quarter, up from 50 million in the previous quarter. The company didn't hesitate to mention that this was the tenth consecutive quarter with a count above 40 million.
Source Fool.com
