Summary by Futu AI
Rumble Inc. reported strong Q3 2024 results, with revenue increasing 39% year-over-year to $25.1 million. Monthly Active Users (MAUs) surged 26% quarter-over-quarter to 67 million, driven by increased interest in political news ahead of the U.S. presidential election. However, Average Revenue Per User (ARPU) decreased 11% to $0.33 due to revenue growth slightly lagging user growth.The company's net loss widened to $31.5 million from $29.0 million in Q3 2023. Cost of services decreased by $3.3 million to $36.4 million, primarily due to a $5.4 million reduction in programming and content costs. Adjusted EBITDA loss improved to $23.5 million from $35.4 million in the prior year quarter.Rumble continues to invest in content acquisition, with $38 million in minimum contractual cash commitments for programming and content agreements as of September 30, 2024. The company also expanded into e-commerce and cloud services, though these new ventures face various risks. Rumble maintains a strong liquidity position with $132.0 million in cash, cash equivalents, and marketable securities.
