Bumble Inc Reports Revenue Growth in Q1 Results
Bumble Inc has shared its financial results for the first quarter of 2024, highlighting an increase to its revenue and paying users.
In a recent statement, the dating brand shared that in Q1 of 2024 its total revenue increased by 10% to $268 million, when compared with the same period last year. Within that, the revenue from the Bumble app specifically increased by 11% to $216 Million.
Other sources of revenue, including the Badoo app, increased 6.9% to $52.0 million in Q1 of 2024. Overall, these increases of revenue were partly due to favourable foreign currency conditions, Bumble Inc highlighted.
The increases were also partly a result of an increase in total paying users, which rose from 3.5 million in Q1 2023 to now 4 million in Q1 2024. The numbers of paying users increased on the Bumble app and Badoo app, respectively.
“We delivered solid Q1 financial results while making great progress on our plans to unlock Bumble’s next phase of growth,” said Lidiane Jones, CEO of Bumble Inc.
“We’re actively listening to our customers and building experiences that put joy back into the online dating experience. We relaunched Bumble App – the first chapter in Bumble’s evolution – to give women more choice in how they Make The First Move, showcasing a new pace of innovation and renewed commitment to our mission”, she shared.
At the end of April, the Bumble app saw a major product update, changing the matching experience, harnessing further AI innovations, and adopting a refreshed look. Read more about the Bumble app’s recent update here.
“In the first quarter, we executed on our strategic priorities with discipline and exceeded our Adjusted EBITDA expectations,” said Anu Subramanian, Chief Financial Officer of Bumble Inc.
“Our business transformation has enabled greater agility as we build momentum for our refreshed Bumble App and look to reaccelerate our business through the rest of the year. We maintain a strong cash position and will continue to augment capital returns through our increased share repurchase authorization announced today”, Subramanian explained.
Anu Subramanian was recognised for her outstanding contributions to the dating industry in Global Dating Insights’ 2023 Finance & Investor Special Report.
