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Bumble Beats Q1 Revenue Estimates Despite Recession Fears

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Last Updated: May 05, 2023, 02:10 IST

The Austin, Texas-based company forecast current-quarter revenue between $254 million and $258 million. (Image: Bumble/Twitter)

The Austin, Texas-based company forecast current-quarter revenue between $254 million and $258 million. (Image: Bumble/Twitter)

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

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)

Rohit
Rohit is a News18.com journalist with a passion for world affairs and a love for football. Follow him on Twitter at @heis_rohit…Read More

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