Tue, May 14, 8:15 PM (306 days ago)
Rumble Inc. reported a net loss of $43.3 million for Q1 2024, a 51% increase from the $28.7 million loss in Q1 2023. Revenues slightly increased to $17.7 million, driven by higher other services and cloud revenue, offset by a decrease in advertising revenue. Total expenses rose by 28% to $52.7 million, primarily due to increases in programming and content costs, general and administrative expenses, and research and development expenses. Key metrics showed a decline in Monthly Active Users (MAUs) by 25% compared to the previous quarter, attributed to seasonal factors and content interest. Estimated Minutes Watched Per Month (MWPM) decreased by 18%, influenced by a shift to the company's proprietary content delivery network. Cash and cash equivalents decreased to $182.7 million from $218.3 million at the end of 2023, largely due to increased operational expenses. The company faces uncertainties including dependency on key advertisers and potential legal challenges. Future financial performance will be impacted by ongoing investments in content and cloud services.