• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Bumble posts quarterly sales drop amid slow payoff from app overhaul

by November 7, 2024
written by November 7, 2024

(Reuters) -Bumble posted on Wednesday its first decline in quarterly sales since going public in 2021 and said that it would take longer for the dating app operator to boost its sluggish growth rate.

Sticky inflation and high borrowing costs have hit spending by users on the women-centric dating app and its premium subscriptions, limiting the company’s growth after a post-pandemic boom.

In response, the company has launched a refreshed Bumble (NASDAQ:BMBL) app and new features. A cut to its annual revenue forecast in August, however, sparked concerns over the turnaround plans.

“These investments and our ecosystem initiatives, including product releases, will take time to translate to meaningful revenue growth,” said CFO Anu Subramanian.

Bumble’s bigger rival, Match Group (NASDAQ:MTCH), which owns Tinder and Hinge, missed market estimates for third-quarter revenue on Wednesday due to weak spending by users on its dating apps.

Bumble said total paying users across its apps increased to 4.3 million in the third quarter ended Sept. 30, from 3.8 million a year earlier.

Its revenue for the third quarter fell 0.7% to $273.6 million but beat analysts’ average estimate of $271.9 million, according to data compiled by LSEG.

Shares of the Austin, Texas-based company surged nearly 9% before turning flat in volatile extended trading.

The company expects fourth-quarter revenue to be between $256 million and $262 million, compared with analysts’ average estimate of $260.2 million.

The company expects fiscal 2024 revenue to be between $1.06 billion and $1.07 billion, which is in line with estimates.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Automakers brace for new tariffs, EV changes under Trump presidency
next post
Qualcomm chip sales to Chinese smartphone makers fuel strong results

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Trump advisers reported plan to ease banking oversight may not get required support
    • BofA expects Australian disinflation trend to persist

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy