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Bumble beats quarterly revenue estimates as paying users surge

Bumble beats quarterly revenue estimates as paying users surge
Bumble beats quarterly revenue estimates as paying users surge   -   Copyright  Thomson Reuters 2021
By Reuters

– Bumble Inc surpassed quarterly revenue estimates on Wednesday as the online dating platform marked a surge in paid subscribers during the pandemic, sending its shares up 3% in extended trading.

Demand for dating apps has surged in the pandemic era as people turned to virtual dating to reinvent romance. The search for platonic relationships is also on the rise, leading companies such as Match Group’s Tinder and Bumble to double down on services that help users find and keep friends.

Data from research firm Apptopia showed that Bumble was downloaded about 2.05 million times in the United States during the second quarter, a rise of nearly 18% year-over-year.

The Texas-based company reported revenue of $186.2 million for the second quarter, compared with analysts’ estimates of $178.7 million, according to Refinitiv IBES data.