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Strong user growth drives Bumble's revenue beat, upbeat forecast

Bumble beats quarterly revenue estimates on strong user growth
Bumble beats quarterly revenue estimates on strong user growth   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions -   -  
By Reuters

<p><body> <p>(Reuters) -Bumble Inc forecast current-quarter revenue above estimates on Wednesday after beating expectations for the first, as more people turned to its online dating app to socialize while staying indoors during the <span class="caps">COVID</span>-19 pandemic.</p> <p>The owner of the dating app that requires women to make the first move said total paying users surged 30% in the first three months of the year to 2.8 million, driving a more than 40% jump in revenue.</p> <p>The company has added friendship and professional-focused features such as Bumble <span class="caps">BFF</span> and Bumble Bizz to its flagship app, betting on the friendship space emerging as the next social growth horizon.</p> <p>Bumble forecast current-quarter revenue between $175 million and $178 million, above analysts’ estimates of $174.4 million, according to Refinitiv <span class="caps">IBES</span> data.</p> <p>“Our outlook is a realistic reflection of the product features we expect to launch and the market expansions we have planned for this year,” said Chief Financial Officer Anu Subramanian.</p> <p>Easing restrictions and accelerating vaccinations are expected to fuel a “summer of love”, rival Match Group Inc said last week as it forecast strong quarterly revenue.</p> <p>Shares of Bumble were 1% lower in extended trading, having lost nearly 33% since their debut in February. They had closed down 7% in regular trading.</p> <p>The company reported revenue of $170.7 million for the first quarter, beating estimates of $164.6 million.</p> <p>Net earnings attributable to shareholders came in at $341.8 million, or $1.69 per share, compared with a loss of $55.8 million, or 2 cents per share, a year earlier.</p> <p> (Reporting by Nilanjana Basu and Tiyashi Datta in Bengaluru; Editing by Aditya Soni)</p> </body></p>