Bumble’s first financial report as a publicly-traded entity has yielded positive results, as the company beat analysts estimates in several key categories.
Fourth Quarter revenue increased by just over 31% to $165.6 million, while the Wall Street analysts’ average was $163.3 million. Full year revenue for 2020 also grew by 19% to $582.2 million.
The company’s net loss was $26.1 million, which equates to one cent per share. The expectation was much higher, at 13 cents per share. However, CNBC notes that predictions for a first public report can be off due to uncertainty surrounding the number of shares available.
Total paying subscribers across the portfolio also saw impressive growth, going up by 32.5% to 2.7 million in Q4.
Founder and CEO Whitney Wolfe Herd commented in a statement: “Our significant increase in revenue and paying users is a direct result of our team’s dedication and remarkable agility during a challenging pandemic.
“Looking ahead, we remain focused on driving scale, investing in our users and expanding internationally. Our IPO was a pivotal milestone, but we are just getting started and are excited for the next chapter of our journey.”
The revenue outlook for the First Quarter of 2021 is in the range of $163 to $165 million, again beating analysts estimates which had a topline of $163 million. The positive view is largely buoyed by the belief that offline dating may return in the next few months, as vaccine rollouts gain momentum around the world.
Global expansion has also been identified as one of Bumble’s key drivers, and Wolfe Herd revealed that India, Mexico and Germany are some of the current fastest growing markets.
Bumble’s stock price has jumped in pre-market trading following the report. At the time of writing, shares have risen by 11% and are valued at just under $70.
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