Bumble Beats Q1 Revenue Estimates Despite Recession Fears

Bumble Inc beat first-quarter revenue estimates on Thursday as user spending on its dating app has remained strong despite a looming recession, sending its shares up 4.6% in aftermarket trading.

The company reported revenue of $242.9 million in the quarter ended March 31, compared with analysts’ estimates of $241.0 million, according to Refinitiv data.

New features such as “Compliments”, which allows users to engage by sending a note before they decide to connect, have helped the company cope with high inflation and rising interest rates.

Total paying users increased to 3.5 million in the reported quarter, from 3 million a year earlier, as users continued to seek love and companionship.

The Austin, Texas-based company forecast current-quarter revenue between $254 million and $258 million, the mid-point of which is $256 million, while analysts were expecting $256.63 million, according to Refinitiv data.

Author: h00p1n9

Leave a Reply

Your email address will not be published. Required fields are marked *