Why Rumble Stock Is Sinking Today
Rumble (NASDAQ: RUM) stock is falling in Wednesday's trading following the company's recently published quarterly results. The streaming specialist's share price was down 12.5% as of 11 a.m. ET.
Rumble published third-quarter earnings results after the market closed yesterday, posting sales and earnings that fell short of Wall Street's expectations. The company posted a loss of $0.15 per share on revenue of $25.06 million in the quarter, missing the average analyst estimate's call for a per-share loss of $0.13 on revenue of $29.25 million.
Rumble's sales rose 39.2% year over year in the third quarter, but the growth still put the business's performance significantly short of the average Wall Street target for the quarter. Margins were also worse than anticipated, leading to a larger-than-expected loss in the period.
Source Fool.com
