The stock price of Bumble has taken a sharp rise after the release of their Q1’22 financial results. Bumble announced their first set of financial results for the year on Wednesday.
Bumble’s earnings were stronger than expected as more people paid for the dating app in the latest quarter, leading analysts to reiterate upbeat views about the stock.
The shares rose by 24% on Thursday afternoon to $21.80, breaking a run of five-day consecutive days of decline.
Some of the results highlights are listed below:
- Total Revenue increased 23.7% to $211.2 million compared to $170.7 million. This includes an unfavourable impact of $5.1 million from foreign currency movements year over year.
- Bumble App Revenue grew 38.0% to $155.4 million.
- Badoo App and Other Revenue, including Fruitz which was acquired in January 2022, declined 4.0% to $55.8 million.
- Total Paying Users increased to 3.0 million.
- Total Average Revenue per Paying User (“ARPPU”) increased to $22.76, compared to $19.99.
- Net earnings were $23.9 million and net earnings margin was 11.3%, compared to net earnings of $323.4 million and net earnings margin of 189.5%.
- Adjusted EBITDA was $49.8 million, or 23.6% of revenue, compared to $46.1 million, or 27.0% of revenue.
Talking after the results were announced, Whitney Wolfe Herd, founder and CEO of Bumble Inc. said: “I am pleased by our strong first quarter results. Bumble App drove substantial revenue growth across the U.S. and international markets and delivered a significant sequential increase in paying users by continuing to focus on a woman-first experience built upon trust, kindness and safety. Our compelling brands, product leadership, and operational excellence position us well to capture a growing share of the global dating market.”