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Sep 30, 2024
Rumble Q3 2024 Earnings Report
Reported record revenues and MAU growth.
Key Takeaways
Rumble Inc. announced record revenues of $25.1 million for Q3 2024, a 39% increase year-over-year, and average MAUs of 67 million, up 26% quarter-over-quarter. The company also highlighted its fourth consecutive quarter of reduced cash usage.
Revenues increased by $7.1 million to $25.1 million, a 39% increase compared to the same period last year.
Audience Monetization revenues increased by $5.9 million due to higher advertising and subscription revenue.
Cost of services decreased by $3.3 million to $36.4 million.
Average MAUs were 67 million, marking the eleventh consecutive quarter above 40 million.
Rumble
Rumble
Forward Guidance
Rumble anticipates continued revenue growth for the remainder of 2024 and expects to move materially towards Adjusted EBITDA breakeven in 2025.
Positive Outlook
- Continued revenue growth expected for the rest of 2024.
- Focus on ramping up monetization.
- Maintaining discipline around cost structure.
- Expectation to move materially towards Adjusted EBITDA breakeven in 2025.
- Company is optimistic about its opportunities.
Challenges Ahead
- Limited operating history makes it difficult to evaluate the business and prospects.
- Recent and rapid growth may not be indicative of future performance.
- May not continue to grow or maintain active user base, and may not be able to achieve or maintain profitability.
- Risks relating to the ability to attract new advertisers, or the potential loss of existing advertisers.
- Rumble Cloud, our recently launched cloud services business, may not achieve success.