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• Total paying users increased by 7.2% to 3 million in Q1
Dating application Bumble (NASDAQ: BMBL) beat investors’ estimates for its first-quarter net earnings as the number of paid users rose on the application.
The match-making app reported net earnings of $23.9 million, compared with $323.4 million in the first quarter of 2021.
Bumble earned 13 cents per share for the first quarter as compared to an estimated loss of three cents per share.
Seeking a connection
The resurgence of COVID-19 cases in various parts of the world forced people to stay at home and search for a connection virtually. The dating app said that total paying users increased by 7.2% to 3 million during the quarter, which helped boost revenue to $211.2 million, above analysts' estimates of $208.30 million.
CEO Whitney Wolfe Herd said in a statement, “Bumble App drove substantial revenue growth across the U.S. and international markets and delivered a significant sequential increase in paying users.”
Impact of the Ukraine conflict
For the current quarter, Bumble forecasts revenue between $218 million to $221 million. This forecast includes a $6 million hit, primarily in Badoo App, due to the Ukraine conflict.
Bumble announced its exit from Russia and Belarus following the onslaught on Ukraine. The company reported a loss of 60,000 paid users between the fourth and first quarter in Russia, Ukraine, and Belarus.
It expects a decline of about 120,000 to 130,000 paid users across these three markets in the current quarter.
Source - Bumble
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