Rumble Jumps 6% on $96.58 Million Q3 Revenue Beat

Rumble posted $96.58 million in third-quarter revenue, beating both analyst estimates and its own guidance, and the stock rose 6% to $5.42 in early trading on November 11. The figure cleared the top of the company's own $87 million to $93 million guidance range. Traders rewarded the top line. They looked past the bottom line, where the loss per share of $0.19 was wider than the $0.12 analysts expected. This was a mixed report. The market chose to treat it as a good one.

The quarter, reported before the open, covers the first full period that includes the Quake AI cloud business. Rumble closed its all-stock acquisition of German cloud provider Northern Data on June 17. The company now runs two divisions: the Rumble video platform and Quake AI, which rents computing infrastructure for AI workloads. A six-year commercial arrangement with Anthropic gives Quake AI a high-profile customer. That contract is an anchor. It is not, on its own, a proof of sustained profitability.

What fueled the move?

Positioning amplified the reaction. Short interest in Rumble hit a record 8.8%, according to Koyfin, and heavy short positioning can sharpen moves in either direction. Lake Street initiated coverage in October with a Buy rating and a $25 price target, citing the shift into AI infrastructure.

Sector sentiment helped as well. CoreWeave reported better-than-expected revenue on November 10 and raised its 2026 guidance, sparking a broad rally in AI infrastructure stocks. Quake AI rents out the same kind of graphics processing unit capacity. That read-through supports the mood around Rumble, though it says nothing about Rumble's own unit economics.

How do Trump Media and Meta compare?

Trump Media & Technology Group moved further, rising 9% to $4.68 and extending a 5% gain from the prior session. That earlier gain followed a November 9 report showing a third-quarter profit driven by crypto and investment gains.

The numbers deserve scrutiny. Net income reached $409.75 million, but the company's own disclosure shows the result rested almost entirely on $496.1 million in non-cash gains on digital assets and equity securities. Strip those out and the operating business is small: revenue of $3 million and an adjusted EBITDA loss of $12.34 million, which did narrow from a year earlier.

Meta Platforms traded at $639, practically unchanged. Meta reported on October 21, well ahead of the other two. Meta funds heavy AI infrastructure spending from its advertising business across Facebook, Instagram, Messenger and WhatsApp, which makes it a buyer of computing power while Rumble is building a business as a seller of it.

Can Quake AI shrink the losses?

Rumble now draws revenue from two very different sources: ad-supported video and rented computing power. On the second-quarter call, CEO Christopher Pavlovski described Quake AI as "the financial engine of RUM Group going forward." That is a roadmap, not a result. The per-share loss widened in the quarter just reported.

Trump Media remains a media and financial-services company built around Truth Social, the Truth+ streaming service, Truth.Fi investment products and the Truth API data-licensing product. Its next chapter points toward energy through a pending merger with fusion developer TAE Technologies.

The bear case has two legs. Record short interest cuts both ways. Higher borrowing costs also weigh on capital-hungry AI builders, and Austan Goolsbee of the Chicago Fed called the latest inflation report "borderline disturbing" as the Fed considers more rate hikes.

Two dates and one question now frame the story. Trump Media holds its shareholder vote on the TAE Technologies merger on December 14. For Rumble, the test is whether Quake AI's growth, its Anthropic contract and its ability to monetize unused power capacity can narrow the per-share losses in the quarters ahead.