Shares of Rumble Inc. reached a new 52-week high of $10.54 on Thursday, extending a rally that has pushed the stock up 15.6% over the past week and 48.1% year-to-date.
The video platform’s second-quarter results, released late Wednesday, showed revenue of $40.36 million, beating Wall Street’s $34.93 million estimate and rising 61% from the prior-year period to set a record. Earnings, however, fell short of expectations: the company reported a loss of $0.28 per share, wider than the anticipated $0.09 loss.
Rumble also disclosed a $13.7 billion GPU services agreement with an unaffiliated U.S.-based cloud customer. The six-year deal is structured in three tranches, with the final tranche subject to customer approval of the delivery schedule. The agreement will be fulfilled at Rumble’s Maysville, Georgia site, currently under development.
Analysts at InvestingPro flagged potential overvaluation relative to the stock’s fair value, though the firm’s data also suggested the company is poised to turn profitable this year—a notable milestone for the video platform amid its rapid growth.
