Why Rumble Stock Is Sinking Today
Rumble (NASDAQ: RUM) stock is falling Tuesday following the release of the company's second-quarter results. The streaming specialist's share price was down 11.9% as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence.
Rumble released its Q2 results after the market closed yesterday, posting sales that beat expectations but earnings that failed to meet the market's target. The company recorded a loss of $0.15 per share on revenue of $25 million in the period, while the average analyst estimate had guided for a loss per share of $0.08 on sales of $18.14 million.
Rumble's revenue rose 468% year over year in the second quarter and crushed the average Wall Street target, but the company's loss was also significantly wider than anticipated. Making matters worse, the company is seeing some mixed results on the user engagement front.
Source Fool.com
