Monday, May 29, 2023
HomeSoftwareWindowsBumble cuts annual revenue forecast as Ukraine war, competition bite

Bumble cuts annual revenue forecast as Ukraine war, competition bite

The Bumble Inc. (BMBL) app is proven on an Apple iPhone on this picture illustration as the relationship app operator made its debut IPO on the Nasdaq inventory change February 11, 2021. REUTERS/Mike Blake/Illustration

Register now for FREE limitless entry to


Aug 10 (Reuters) – Bumble Inc (BMBL.O) minimize its full-year revenue forecast on Wednesday, taking a success from the warfare in Ukraine whereas additionally grappling with stiff competition from rivals such as Match Group Inc (MTCH.O) within the on-line relationship market.

Shares of Austin, Texas-based Bumble fell almost 13% in after-hours buying and selling, as its current-quarter forecast additionally remained under Wall Road estimates.

Whereas Bumble has skilled a surge in reputation, its different relationship app, Badoo, which is usually utilized in Western Europe by the city center class section, stays beneath stress.

Register now for FREE limitless entry to


Bumble exited Russia and Belarus earlier this yr following Moscow’s invasion of Ukraine, eradicating all of its apps from the Apple App Retailer and the Google Play Retailer in these international locations. learn extra

The affect from the warfare is anticipated to dent full-year revenue by $20 million, primarily in Badoo and different apps, at a time when Bumble is already taking part in catch-up with Tinder proprietor Match within the European market.

“It has been a difficult first half for Badoo… As Badoo serves a extra economically delicate consumer base, it has additionally felt the results of COVID and now the macro surroundings, rather more than Bumble app,” Chief Government Officer Whitney Wolfe Herd stated on an earnings name.

Bumble now expects annual revenue between $920 million and $930 million for 2022, decrease than its prior estimate of $934 million to $944 million and in addition under market estimates for $934.1 million, in keeping with Refinitiv information.

Whereas the Bumble app’s paying customers surged 31% to 1.9 million within the quarter ended June 30, Badoo and different apps noticed a cumulative slide of about 25% to 1.1 million.

Bumble’s revenue rose 18.4% to $220.5 million within the quarter, edging previous analysts’ estimate of $219.4 million, whereas a lack of 3 cents per share got here in wider than estimates for a 1-cent loss.

Register now for FREE limitless entry to


Reporting by Tiyashi Datta and Deborah Sophia in Bengaluru; Modifying by Krishna Chandra Eluri

Our Requirements: The Thomson Reuters Belief Ideas.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments