PRESS RELEASE – Revenue: Total revenue declined slightly by 1% to $274M, with Bumble App revenue down 1% to $220 million. Paying users for the Bumble App increased by 10% to 2.9M, up by 52K from the previous quarter. Losses: Bumble reported a net loss of $849.3M, primarily due to a non-cash impairment charge of $892.2M. This charge reflects a lowered valuation of company assets, largely due to a drop in Bumble's stock price and market value. User and Revenue Metrics: Overall, paying users grew from 3.8M to 4.3M, but the average revenue per paying user decreased from $23.42 to $21.17. Profitability: Adjusted EBITDA rose to $82.6M (30.2% of revenue), up from $75.3M (27.3%). Share Buybacks: The company repurchased $89.7M in shares in Q3 and an additional $30M in October, with $89M still available for repurchases. Outlook: For Q4 2024, Bumble anticipates revenue between $256 and $262M, with projected full-year revenue between $1.066 and $1.072B.
Category: Bumble
PUMA India Partners With Bumble for Singles-only Running Event
MEDIABRIEF – PUMA India has partnered with Bumble to launch a singles-only running event on November 10 in Bengaluru, aimed at young adults (21–35) to connect through sport. The 3km run will start at Nexus Koramangala Mall, followed by a social mixer. The collaboration leverages the popularity of sports as a shared interest among Indian singles, with Bumble research showing 72% of Indians open to a sports-themed date.
Bumble Earnings: What to Look for From BMBL
STOCKSTORY – Bumble will be reporting results tomorrow after market hours. Bumble missed analysts' revenue expectations by 1.6% last quarter, reporting revenues of $268.6M, up 3.4% YOY. This quarter, analysts expect Bumble's revenue to decline 1.4%YOY to $271.7M, a reversal from the 18.4% increase recorded in the same quarter last year.
Bumble Expands Opening Moves Shortly After Launch
Friendship Apps on the Rise as Loneliness Impacts Nearly Half of UK Adults
BBC – Nearly half of UK adults report feeling lonely at times, and 62% of young people say loneliness lowers their confidence, according to the Campaign to End Loneliness and Co-Op Foundation. Apps like Bumble BFF and Meetup are becoming popular as young people seek friendships online. Professor Andrea Wigfield, director of the Centre for Loneliness Studies at the University of Sheffield, predicts that these apps could soon be as common as dating apps, helping people build meaningful connections in the same way.
Dating App Ad Spending in 2024 Set to Surpass 2023, With Bumble Leading the Charge
Younger Daters Are Tired of Swiping
by Caroline Petrow-Cohen
See full article at Los Angeles Times
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Dating Apps Revive In-Person Connections With Real-World Events
by Magdalene Taylor
See full article at Slate
Mark Brooks: Singles events on dating apps are window dressing and a means of generating buzz if they're done exceedingly well. They are a pain to manage and execute well but should be in every dating app's arsenal to show to the world that they can, indeed, draw a crowd.
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Dating Apps Shift Focus to Friendship Amid Growth Challenges
FINANCIAL TIMES – Bumble, Match Group, and Muzz are expanding into friendship and community-building to boost growth as dating app usage slows post-pandemic. Bumble is scaling its BFF app and recently acquired Geneva, a community-building product. Match launched Yuzu, allowing users to toggle between social and dating modes. Muzz introduced Muzz Social, connecting users by location and interests.
See full article at Financial Times
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Bumble Faces Proposed Securities Class Action
BLOOMBERG LAW – Bumble is facing a securities class action lawsuit, alleging that the company made false and misleading statements about its business operations, specifically regarding the relaunch of its dating app and the growth of its Premium Plus subscription tier. According to the lawsuit, these misstatements inflated Bumble's stock price, causing losses for investors when the truth emerged through a series of corrective disclosures starting on Feb. 27, 2024. The complaint cites violations of Sections 10(b) and more.