AUSTIN - Bumble Inc. (NASDAQ:BMBL), the dating app company with a current market capitalization of $1.3 billion and trading at $8.69 per share, announced today the appointment of Neil Shah as the Chief Business Officer, a new position aimed at spearheading the company's strategic initiatives. Shah, with a notable background that includes key roles at Slack and Twitter, as well as consultancy at McKinsey & Co., will now oversee Bumble's revenue model, pricing strategy, and partnerships.
The company also disclosed the upcoming departures of two of its senior executives. Chief Financial Officer Anu Subramanian will step down on March 14, 2025, having played a pivotal role in Bumble's 2021 IPO and its subsequent growth phase. Bumble has initiated the search for Subramanian's successor. Additionally, Chief Marketing Officer Selby Drummond will leave in January 2025 to pursue a new opportunity. Drummond has been credited with strengthening Bumble's brand globally during her tenure.
In conjunction with these leadership changes, Bumble reaffirmed its financial outlook for the fourth quarter and the full year of 2024, maintaining the projections set forth on November 6, 2024.
Bumble's CEO Lidiane Jones expressed confidence in the company's direction and future prospects, citing Shah's appointment as a strategic move to capitalize on the company's potential and to continue transforming online dating positively.
These announcements come with the backdrop of Bumble's commitment to fostering healthy and equitable relationships through its various platforms, which include Bumble, Bumble For Friends, Badoo, Fruitz, and Official. Each of these platforms is designed to connect people across different modes of interaction, from dating to friendship and professional networking. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with analysts predicting profitability this year. For deeper insights and access to comprehensive Pro Research Reports covering 1,400+ stocks, consider an InvestingPro subscription.
The information for this article is based on a press release statement from Bumble Inc.
In other recent news, Bumble Inc. experienced a slight revenue decline of 1% year-over-year in the third quarter, with reported revenue of $274 million. This figure, however, was slightly above the consensus and analyst estimates. The company's EBITDA for the quarter was reported at $83 million, surpassing both the consensus and analyst estimates by 5%. This was attributed to a strategic shift in marketing expenditures.
Susquehanna retained a Neutral rating on Bumble but increased the shares price target from $6.00 to $8.00, citing the ongoing transformation of the core Bumble App. The firm made some adjustments to its future estimates for Bumble based on the recent quarter's results and guidance provided by the company. The 2024 revenue estimate remains largely unchanged, but the EBITDA forecast has been increased by 1%.
During the earnings call, Bumble's leadership, including Vice President of Investor Relations Cherryl Valenzuela, CEO Lidiane Jones, and CFO Anu Subramanian, provided insights into the company's performance and future expectations. They also emphasized the need to consider non-GAAP financial measures alongside GAAP results. These are recent developments that investors should consider when evaluating Bumble's financial health.
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