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Shares of Rumble, Inc. RUM were skyrocketing in premarket trading on Friday.
The video-sharing platform, which went public through a SPAC deal in mid-2022, serves as an alt platform for Alphabet’s YouTube.
It has been largely used by former President Donald Trump’s right-wing supporters who have been booted out or whose voices have been heavily censored by other platforms.
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Rumble’s strength on Friday could be traced back to Trump’s indictment by the Manhattan Attorney’s Office over hush money paid by his team to adult movie star Stormy Daniels during his 2016 campaign.
This development could more engagement and viewership for Rumble.
The company also reported its fourth-quarter results Thursday after the close, showing 579% year-over-year revenue growth to $20 million. Analysts, on average, estimated revenue of $10.18 million. Its global monthly active users surged 142% to 80 million.
Rumble also broke even compared to a loss of 6 cents a year ago.
In premarket trading on Friday, the stock jumped 15.16% to $10.75, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.