BUZZ-Rumble rises after Q1 results beat, cloud deal with NFL's Buccaneers

Reuters
05-10
BUZZ-Rumble rises after Q1 results beat, cloud deal with NFL's Buccaneers

** Shares of video-sharing platform and cloud services provider Rumble RUM.O up 26% at $9.80 on Fri after qtrly results beat analysts' expectations and partnership with National Football League's Tampa Bay Buccaneers announced

** RUM shares rise as much as 32.3% to $10.29, over two-month high

** Longboat Key, Florida firm late Thurs posted Q1 rev of $23.7 mln, up 34% y/y, slightly surpassing LSEG estimate of $23.1 mln

** Loss in qtr narrowed from 21 cents/sh a year ago to 1 cent, while analysts' projected 11 cents/sh loss

** Co said top line driven by increased subscription rev and and monetization across video and advertising platforms

** Avg global monthly active users reflected 87% retention rate after 2024 U.S. election, compared to 60% retention post 2022 U.S. midterm election, co said

** Co to provide cloud storage for all of the Buccaneers' video content, and agreement includes Rumble advertisements featured on team's website, broadcasts, and in team's home facility, Raymond James Stadium

** Rumble, whose previous investors include a VC firm co-founded by U.S. Vice President JD Vance, has roughly $3.3 bln market cap, per LSEG data

** Despite move on Fri, RUM shares down 25% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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