(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 COVID-19 pandemic.
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.
The company has added friendship and professional-focused features such as Bumble BFF and Bumble Bizz to its flagship app, betting on the friendship space emerging as the next social growth horizon.
Bumble forecast current-quarter revenue between $175 million and $178 million, above analysts’ estimates of $174.4 million, according to Refinitiv IBES data.
“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.
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.
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.
The company reported revenue of $170.7 million for the first quarter, beating estimates of $164.6 million.
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.
(Reporting by Nilanjana Basu and Tiyashi Datta in Bengaluru; Editing by Aditya Soni)