Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Bumble cuts annual revenue forecast as Ukraine war, competition bite

Stock Markets Aug 10, 2022 06:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Bumble Inc. (BMBL) app is shown on an Apple iPhone in this photo illustration as the dating app operator made its debut IPO on the Nasdaq stock exchange February 11, 2021. REUTERS/Mike Blake/Illustration
 
GOOGL
-1.82%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-3.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOG
-1.98%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MTCH
-1.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Deborah Mary Sophia

(Reuters) -Bumble Inc cut its full-year revenue forecast on Wednesday, taking a hit from the war in Ukraine while also grappling with stiff competition from rivals such as Match Group Inc (NASDAQ:MTCH) in the online dating market.

Shares of Austin, Texas-based Bumble fell nearly 13% in after-hours trading, as its current-quarter forecast also remained below Wall Street estimates.

While Bumble has experienced a surge in popularity, its other dating app, Badoo, which is mostly used in Western Europe by the urban middle class segment, remains under pressure.

Bumble exited Russia and Belarus earlier this year following Moscow's invasion of Ukraine, removing all of its apps from the Apple (NASDAQ:AAPL) App Store and the Google (NASDAQ:GOOGL) Play Store in those countries.

The impact from the war is expected to dent full-year revenue by $20 million, primarily in Badoo and other apps, at a time when Bumble is already playing catch-up with Tinder owner Match in the European market.

"It has been a challenging first half for Badoo... As Badoo serves a more economically sensitive user base, it has also felt the effects of COVID and now the macro environment, much more than Bumble app," Chief Executive Officer Whitney Wolfe Herd said on an earnings call.

Bumble now expects annual revenue between $920 million and $930 million for 2022, lower than its prior estimate of $934 million to $944 million and also below market estimates for $934.1 million, according to Refinitiv data.

While the Bumble app's paying users surged 31% to 1.9 million in the quarter ended June 30, Badoo and other apps saw a cumulative slide of about 25% to 1.1 million.

Bumble's revenue rose 18.4% to $220.5 million in the quarter, edging past analysts' estimate of $219.4 million, while a loss of 3 cents per share came in wider than estimates for a 1-cent loss.

Bumble cuts annual revenue forecast as Ukraine war, competition bite
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email