Bumble, Inc ( (BMBL) ) has released its Q3 earnings. Here is a breakdown of the information Bumble, Inc presented to its investors.
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Bumble Inc. is a technology company operating in the online dating sector, known for its Bumble app which emphasizes women making the first move in dating interactions, as well as other apps like Badoo and Fruitz, focusing on various aspects of social connections.
In its third quarter 2024 earnings report, Bumble Inc. announced a slight revenue decline of 1% to $274 million, with a notable increase in paying users of the Bumble app by 10% to 2.9 million. The company also reported strong operational performance, with adjusted EBITDA exceeding expectations, despite a significant net loss due to non-cash impairment charges.
Key financial metrics revealed a total revenue decrease of 0.7% to $273.6 million, impacted by foreign currency fluctuations. Bumble app revenue specifically decreased by 0.7% to $220.2 million. The average revenue per paying user dropped to $21.17 from $23.42. However, the total number of paying users increased to 4.3 million. Notably, the company reported a substantial net loss of $849.3 million, attributed to $892.2 million in impairment charges.
Additionally, Bumble continued its shareholder-focused strategy by repurchasing $89.7 million in shares and has outlined future revenue and EBITDA projections for the fourth quarter and full year of 2024. The company maintains a healthy cash position, with $252.1 million in cash and cash equivalents.
Looking forward, Bumble Inc. remains committed to its strategic initiatives, focusing on enhancing user experiences and evolving its revenue strategies. The management is optimistic about driving long-term growth, supported by its robust brand and technical infrastructure.
