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Predicting 2021 earning results, Bumble said that the company is expected to generate revenue between $716 million and $726 million.
American dating platform Bumble Inc (NASDAQ: BMBL) recorded an 18% gain in its stock and closed 10% up after the company’s revenue beat analyst estimates. Bumble reported its first public earnings result on the 11th of March, topping earlier predictions.
Before now, analysts had predicted that Bumble would turn in revenue of $163.3 million in Q4 2020. However, the dating platform pulled in more than analysts’ estimates, reporting $165.6 million, a 31% increase. Additionally, Bumble also saw an increase in total paying users. Paying customers of the dating app reached 2.7 million users, a growth of about 32.5%. Bumble App Q4 revenue gained 47% to $105.8 million. Also, revenue per user was about an average of $20.02.
In addition, Bumble saw a net loss of $26.1 million in the fourth quarter of 2020. 2020 full-year net loss was about
In a statement, Bumble founder and CEO Whitney Wolfe Herd commented on the company’s growth. She attributed the company’s progress to its team’s dedication, especially during the coronavirus pandemic. The CEO added:
“Looking ahead, we remain focused on driving scale investing in our users, and expanding internationally. Our IPO was a pivotal milestone, but we are just getting started and are excited for the next chapter of our journey.”
Coinspeaker noted in an earlier report that Bumble was planning to expand globally. The report cited Wolfe Herd, who said:
“Right now we’re very focused on taking the dating opportunity globally. We also hope to have the preeminent platform for meeting whoever you’re looking for, for whatever use case, in the long run.”
Predicting 2021 earning results, Bumble said in the Q4 report that the company is expected to generate revenue between $716 million and $726 million. This is an expected increase over revenue of $542.2 million reported in 2020.
During the first public earnings call on the 10th of March, Wolfe Herd commented:
“Clearly, there has never been a moment in recent history that will present itself with such a demand to meet new people and to date again.”
Bumble stock soared 63% on the company’s first day of trading back in February. Bumble priced its initial public offering (IPO) at $43 per share, offering 50 million shares. At the end of the IPO, Bumble raised $2.2 billion from investors, after which the company jumped 63.51%. Since then, BMBL has been trading between $60 and $80.
At press time, Bumble is at after-hours trading of $69.75. The dating platform’s current trading price is a $0.01% loss over its previous close of $69.75. Although the company’s stock is down 0.78% over the past month, BMBL has advanced nearly 17% in the last five days. MarketWatch data showed that Bumble Inc has a market cap of $7.26 billion.