Bumble Inc is bracing itself for a higher quarter revenue. The online dating company gains confidence after exceeding its previous forecast. Furthermore, Bumble believes the prolonged stay at home is making more people turn into online dating app for socialization.
Bumble’s owners said the subscribers for the app increased 30% in the first three months of the year, tallying a total of around 2.8 million premium users. Additionally, the revenue for Bumble jumped over 40%.
Over time, Bumble provided more updates for its users. Some of them include friendship and professional-focused features, namely Bumble BFF and Bumble Bizz, to its flagship app. Bumble based the development on the broadening friendship space along with the social growth horizon.
Noted from Reuters, Bumble’s forecast for current-quarter revenue now falls between $175 million and $178 million. This figure goes beyond the $174.4 million estimates according to Refinitiv IBES data. In comparison, Bumble reported $170.7 million in revenue for the first quarter, exceeding the estimates at $164.6 million.
Chief Financial Officer Anu Subramanian commented, “Our outlook is a realistic reflection of the product features we expect to launch and the market expansions we have planned for this year,” Reuters quotes.
Similarly, Match Group Inc, the home for online dating app Tinder, went through the same strategy. The company forecasts strong quarterly revenue as the upcoming summer will be less restricting helped by accelerating vaccinations.
Accordingly, Bumble’s shares were 1% lower in extended trading. Since its debut in February, the company has lost nearly 33% of its value. The shares in regular trading were closed with a 7% decline.
Read also: Online Dating App Competition: Bumble Vs Tinder
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