Shares of dating app Bumble (NASDAQ:BMBL) jumped Thursday morning after the company released its first quarterly earnings report as a public company. As of 11 a.m. EST, shares were up 12.3% on the day.
The company reported overall fourth-quarter revenue grew 31% year over year, including 46.6% growth from its main Bumble app. About one-third of revenue came from its Badoo dating-focused social network app popular in Latin America and Europe. Bumble also reported that total paying users increased 32.5% to 2.7 million.
Net loss for the fourth quarter was $26 million, as costs increased. That compares to $17 million in net earnings in the prior-year period. Revenue for fiscal 2020 was $542 million, which founder and CEO Whitney Wolfe Herd said resulted from the company’s agility during the “challenging pandemic.”
The company expects 2021 revenue to grow to $721 million at the midpoint of its guidance. Herd called the initial public offering a “pivotal milestone” for Bumble, and said, “we remain focused on driving scale, investing in our users and expanding internationally.”
Herd founded Bumble in 2014 after time as an executive and co-founder of rival Match‘s Tinder platform. Investors today are showing approval at Bumble’s estimate of more than 30% revenue growth for the current year, with personal contact activities increasing as vaccines roll out.
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