Bumble Beats Q1 revenue estimates despite recession fears
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.
According to Refinitiv’s data, the company’s revenue was $242.9 million in the quarter ended March 31, compared to analysts’ estimates of $241.0 million.
New features like “Compliments,” which allow users to engage by sending a message before deciding to connect, have helped the company weather high inflation and rising interest rates.
Total paying users grew to 3.5 million in the reported quarter from 3 million a year earlier, as users continue to search for love and companionship.
The Austin, Texas-based company forecasts revenue for the current quarter between $254 million and $258 million, with a midpoint of $256 million, while analysts were expecting $256.63 million, according to Refinitiv data.
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