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On Wednesday, Bumble posted revenue of $ 165.6 million, beating Wall Street forecasts its first quarterly report since it was made public in February. Shares increased by approximately 5% in expanded trade.
This is what the company reported during its fourth quarter, compared to what Wall Street analysts surveyed by Refinitiv expected:
- Loss per share: 1 cent
- Income: $ 165.6 million vs. projected revenue of $ 163.3 million.
Wall Street was looking for a quarterly loss of 13 cents per share. CNBC does not compare reported earnings per share with the expectations of a company’s first report as a public company, as the uncertain stock count may distort forecasts.
Revenue grew 31% year-over-year, with the company’s Bumble app racking up $ 105.8 million during the period and its Badoo app recording $ 59.8 million.
However, the company reported a net loss of $ 26.1 million, compared to a net profit of $ 17.2 million during the same period last year.
Bumble went public in February with an initial public offering of $ 2.2 billion, which it claimed in the online dating market alongside industry leader Match Group, which operates the popular dating apps Tinder and Hinge.
Bumble operates its eponymous application mainly in the US, UK, Australia and Canada and a similar offering, Badoo, mainly in Europe and Latin America.
The unique tone of Bumble for its flagship application is simple: In heterosexual parties, only women can send messages first after expressing mutual interest and men must respond within 24 hours. In gay parties, either party can send messages first.
The company reported 2.7 million users paying in the fourth quarter, 32.5% more than in the fourth quarter of 2019. This figure includes subscribers who pay for both the Bumble app and the Badoo app . Bumble did not reveal recent figures on the total number of app users, but as of September 2020 the company had 42.1 million monthly active users.
Dating apps have experienced an increase in usage as Covid-19 locks kept singles at home and online. Bumble reported a 26% increase in the number of messages sent to its platform during March 2020, a company spokesman told CNBC in May.
Total average revenue per user during the fourth quarter was $ 20.02, compared to $ 19.99 in the fourth quarter of 2019.
For the first quarter of 2021, Bumble expects revenue of From $ 163 to $ 165 million. Throughout 2021, Bumble expects revenues of between $ 716 million and $ 726 million.
—NBC’s MacKenzie Sigalos contributed to this report.
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