Bumble reported better-than-expected revenue for its first quarter on Wednesday, a sign the company’s push into drawing in singles is working despite broader concerns over industry growth.
Shares were up more than 7% in after-hours trading on the report.
Bumble, which also owns Fruitz, Badoo, Official, and Bumble For Friends, reported total revenue of $267.8 million, which is up 10.2% from the same quarter a year ago. Analysts were expecting $265.5 million. Total paying users increased to 4 million, compared to 3.5 million year-over-year.
The company last week unveiled a redesigned experience for its namesake app that included a new logo and user features in an attempt to mark a new chapter following its 10-year birthday. The design, which eased up on its traditional women-message-first rule, came as the broader dating-app industry continues to struggle to grow its paying user base at the same rapid pace it succeeded during the pandemic, causing investor confidence to dim.
“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,” Bumble CFO Anu Subramanian said in the earnings release.
Bumble said that total average revenue per paying user decreased from the same time a year ago to $21.84. The company expects total revenue for the current quarter to come in between $269 million and $275 million, which is lower than Wall Street’s average estimate of $278.6 million.
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