SEEKING ALPHA - July 2 - Bumble caters to ~40M monthly users and 2.8M paying users across the globe. Competing with Tinder, which still leads the way, Bumble is the 2nd highest-grossing app in the world when it comes to online dating. While the company reported strong Q1 earnings, Bumble stock fell sharply after reporting the numbers, pushing the stock price below the Initial public offering price of $43. After surging by over 70% on debut in February, Bumble stock hit a low of $38.91 on May 24 as analysts weighed on the company's first-quarter performance. Bumble reported revenue of $171M. Bumble's paid user count grew 44% YoY to 1.35M, while Badoo also saw 19% YoY paid user growth to 1.45M. In an important announcement, the company confirmed that it is planning to expand its horizons by emerging as a full-scale social media company, not just a company focused on providing online dating solutions. In terms of international expansion, Bumble has been seeing strong growth in Germany with Monthly Average Users growing at ~160 % YoY. Bumble's premium app is expected to be rolled out globally by the end of the year.
by Dilantha De Silva
See full article at Seeking Alpha
See the top news on Bumble
Comments