Last Updated: May 05, 2023, 02:10 IST
Bumble Inc beat first-quarter revenue estimates on Thursday as user spending on its dating app has remained strong despite a looming recession, sending its shares up 4.6% in aftermarket trading.
The company reported revenue of $242.9 million in the quarter ended March 31, compared with analysts’ estimates of $241.0 million, according to Refinitiv data.
New features such as “Compliments”, which allows users to engage by sending a note before they decide to connect, have helped the company cope with high inflation and rising interest rates.
Total paying users increased to 3.5 million in the reported quarter, from 3 million a year earlier, as users continued to seek love and companionship.
The Austin, Texas-based company forecast current-quarter revenue between $254 million and $258 million, the mid-point of which is $256 million, while analysts were expecting $256.63 million, according to Refinitiv data.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)