Bumble gets back into the grooveInvestors are swiping right on Bumble after its latest earnings release, which beat analyst expectations and sent prices shooting up in after-hours trading.
The dating app reported its Q1 earnings, outdoing expectations on both the top and bottom lines with strong sales and impressive user numbers, swinging to a first quarter profit. Bumble reported earnings per share of $1.69 per share on revenues of $170.7 million, compared to expectations of a loss of $0.03 per share on $164.6 million. Revenues more than doubled from the same period last year to reach $79.1 million, and Total Paying Users increased 30% to 2.8 million.
As well as the dating app we all know and love, Bumble also owns online dating service Badoo, which is super popular in Latin America and Europe. Bumble is its biggest earner though, bringing in $112.6 million of Q1 revenue, up from $46.7 million last year (guess lockdown made people frisky), while Badoo and other revenues accounted for $58.1 million. It’s a bit of a role reversal – two years ago, Badoo was the main contributor to growth with 55% of revenue.
In February, Bumble CEO Whitney Wolfe Herd became the youngest woman ever to take a company public in the U.S. The dating and networking service raised $2.2 billion from investors when it went public at $76 per share, 77% above the $43 the company priced its shares at. However, it’s been a rough ride since then, and shares are now trading at around $50. With its latest earnings though, things might be looking up. Guidance-wise, revenue is projected to be in the range of $175 million to $178 million for Q2 and up to $734 million for full year 2021.
said CEO Whitney Wolfe Herd.