Bumble tumbles after weak fourth-quarter revenue forecast

Sign In SubscribeSearchMy Readse-paperNew Notifications Newsletters IFSC Code FinderNew Web StoriesMintGenie For You Top Sections News Companies News Start-ups Company Results People Technology Gadgets Tech Reviews App News Foldable Smartphones 5G Tech Markets Stock Markets Commodities Mark To Market IPO Live Blog Money Personal Finance Q&A Opinion Photos Mutual Funds Mint 50 – Top Mutual Funds News Insurance Lounge Opinion Views Columns Blogs Budget 2022 Budget News Budget Expectations Budget Videos Opinion Auto News Sports Industry Banking Infotech Infrastructure Agriculture Manufacturing Energy Retail Videos India Investment Summit Annual Banking Conclave Mint Explainers Market Analysis Why Not Mint Money Business of Entertainment Long Story Capsule Mint Views Start-Up Diaries Money With Monika Mint Insight Digital Gurus Brand Masters Politics Education Impact Feature Brand Stories Podcast Explore Mint About UsMint Authors NewContact Us SITEMAP Terms of Use Subscriber – Terms of Use Cookie Policy Print Subscription Privacy Policy Disclaimer Mint Code Code of ethics Mint Apps Copyright © HT Digital Streams Limited All rights reserved. Home / Companies / News /  Bumble tumbles after weak fourth-quarter revenue forecast on forex hit 1 min read . Updated: 10 Nov 2022, 12:34 PM IST Reuters Premium A strong dollar and the Ukraine war has also taken a toll on the company’s business. Bumble also faces competition from larger rival Match Group Inc, which topped revenue estimates last week on the back of a jump in paying users for its flagship app Tinder. Online dating firm Bumble Inc forecast fourth-quarter revenue below Wall Street expectations, as it struggles with product launch delays at a time when inflation has hit users hard, sending its shares down 13% in extended trading. “Some of our user segments are facing greater pressure on disposable income, and these segments are renewing their subscriptions at a modestly lower rate,” Chief Executive Officer Whitney Wolfe Herd said on an earnings call. A strong dollar and the Ukraine war has also taken a toll on the company’s business, with third-quarter revenue falling short of both its own and Wall Street’s expectations. Adjusted for both foreign exchange and the Ukraine crisis, revenue growth would have been 10% higher, Herd said. In the current-quarter, Bumble expects a forex hit of $16 million and a $5-million impact, primarily at its Badoo App and other revenue due to the ongoing war. A more than 15% surge in the dollar this year has hit sales of companies across sectors, while the highest price pressures in decades have led consumers to curb non-essential spending. Bumble also faces competition from larger rival Match Group Inc, which topped revenue estimates last week on the back of a jump in paying users for its flagship app Tinder. While the company saw a rise in popularity, its sister app Badoo, which is mostly used in Western Europe remains under pressure. Earlier in March, Bumble said it is discontinuing operations in Russia, including the removal of all of its apps from Apple App Store and Google Play Store in Russia and Belarus. Bumble now expects current-quarter revenue between $232 million and $237 million, compared to Wall Street’s estimates of $254.5 million, according to Refinitiv data. The company reported third-quarter profit of 14 cents per share compared with analysts’ estimate of 1 cent per share, according to Refinitiv data. Bumble, which made its market debut in February 2021, said its total paying users for the quarter increased to 3.3 million from 2.9 million last year. This story has been published from a wire agency feed without modifications to the text. Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News. More Less Wait for it…Log in to our website to save your bookmarks. It’ll just take a moment.Yes, Continue You are just one step away from creating your watchlist!Login NowWait for it…Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image. ×
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