Bumble beats quarterly revenue estimates
2022.05.11 23:41
FILE PHOTO: The Bumble Inc. (BMBL) app is shown on an Apple iPhone in this photo illustration as the dating app operator made its debut IPO on the Nasdaq stock exchange February 11, 2021. REUTERS/Mike Blake/Illustration
(Reuters) – Bumble Inc beat market estimates for first-quarter revenue on Wednesday, helped by a rising number of paying members crowding its dating apps to seek connection, sending its shares up 14% after market.
The resurgence in COVID cases has helped dating apps to keep users picked up during the pandemic, as people stuck at home sought virtual social interaction.
Data from research firm Apptopia showed that Bumble downloads in the United States increased 20.6% during the first quarter, while monthly average users rose 13.7%, compared to a year earlier.
Bumble, which made its market debut in February last year, said total paying users increased to 3 million during the quarter, which helped boost revenue.
The company reported revenue of $211.2 million in the quarter ended March 31, compared with analysts’ estimates of $208.30 million, according to Refinitiv IBES data.
The company’s net earnings fell to $16.4 million, or 13 cents per share, from $341.8 million, or $1.69 per share, a year earlier.
