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NEW YORK - Bumble Inc. (NASDAQ:BMBL) saw its shares jump 7% in after-hours trading on Wednesday after the online dating company reported first quarter revenue that beat analyst expectations, despite a decline from the prior year.
Bumble posted revenue of $247.1 million for the quarter ended March 31, down 7.7% year-over-year but above the consensus estimate of $246.65 million. The company’s flagship Bumble app revenue fell 6.5% to $201.8 million.
Adjusted earnings per share came in at $0.13, slightly below the $0.14 expected by analysts.
"Since I returned in mid-March, we have set an accelerated path to return to sustainable, long-term growth," said Bumble founder and CEO Whitney Wolfe Herd. "We are strengthening our member base and delivering a more intentional experience with more quality and relevant matches, enhanced by technology and product innovation."
For the second quarter, Bumble expects revenue between $235 million and $243 million, below the $243.7 million analysts were forecasting.
The company ended the quarter with 2.7 million paying users on its Bumble app, down 1% YoY and a decline of 104,000 users from the previous quarter. Total (EPA:TTEF) paying users across all apps remained relatively flat at 4.0 million.
Despite the user declines, investors appeared encouraged by the revenue beat and management’s plans to reignite growth. Bumble shares have struggled over the past year amid slowing user growth and increased competition in online dating.
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