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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Bumble forecasts weak fourth-quarter revenue; shares fall

Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company's IPO in New York City, New York, U.S., February 11, 2021. REUTERS/Mike Segar/File Photo
Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made i... Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company's IPO in New York City, New York, U.S., February 11, 2021. REUTERS/Mike Segar/File Photo
Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company's IPO in New York City, New York, U.S., February 11, 2021. REUTERS/Mike Segar/File Photo
Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made i... Displays outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company's IPO in New York City, New York, U.S., February 11, 2021. REUTERS/Mike Segar/File Photo

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In a warning that increased competition and persistent inflation were dragging on user spending on its dating apps, Bumble (BMBL.O) estimated fourth-quarter revenue below Wall Street projections on Tuesday. This news sent company shares down more than 6% in extended trading.

The dismal prediction was made the day after Bumble announced that Whitney Wolfe Herd, the company’s creator, would relinquish his position as CEO, marking the second significant executive exit. Lidiane Jones, the CEO of Slack, will follow Herd.

Rival Match Group (MTCH.O), which has introduced several new features, including weekly membership options and enhanced privacy and engagement features for both Tinder and Hinge, poses a threat to Bumble.

Due to worries about slowing growth, Bumble’s shares have lost over a third of their value so far this year. In light of the Middle East war and the impact of a high currency, Match last month released a fourth-quarter sales forecast that fell short of market forecasts.

Bumble projected on Tuesday that the Middle East turmoil will cost $1 million in the fourth quarter. Additionally, Bumble and Match are investigating the use of AI to create features for their applications that may increase user engagement.

In the third quarter, there were 3.8 million paying users across all of Bumble’s applications, including Fruitz and Badoo, up from 3.3 million a year earlier. Based in Austin, Texas, According to LSEG statistics, Bumble anticipates sales for the quarter ending December 31 to be between $272 million and $278 million, less than analysts’ projections of $285.9 million.

In the third quarter, the total average revenue per paying customer climbed to $23.42 from $22.96 in the same period last year.

In contrast to projections of $277 million, the business reported revenue of $275.5 million. Surpassing analyst projections of 7 cents per share, Bumble posted a profit of 12 cents.


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