Bumble beats earnings estimates, bets on international growth

The Bumble Inc. (BMBL) app is shown in this image on an Apple iPhone
FILE PHOTO: App Bumble Inc. (BMBL) is shown in this photo illustration on an Apple iPhone as the dating app operator made its initial public offering on the Nasdaq stock exchange on February 11, 2021. REUTERS/Mike Blake/Illustration

March 8, 2022

(Reuters) – Bumble Inc topped fourth-quarter earnings estimates on Tuesday and said it expects strong growth from its Bumble app in 2022, sending the dating company’s shares up over 20% in extended trading.

The company also said it is ceasing operations in Russia, joining a growing number of firms exiting the country following its invasion of Ukraine. Bumble is also removing all of its apps from the Apple App Store and Google Play Store in Russia and Belarus.

The Austin, Texas-based company said combined sales from Russia, Ukraine, and Belarus accounted for about 2.8% of total annual sales in 2021. It expects to lose about $20 million in revenue from the region this year.

For 2022, Bumble is forecasting full-year 2022 sales of between $934 million and $944 million, the median of which is close to analyst estimates, according to Refinitiv’s IBES data.

In addition, the company is increasingly focusing on expansion on the international market.

“We expect Bumble App to have another strong year in 2022, growing revenue 34% to 36% year over year, driven by continued international expansion and product innovation,” Chief Financial Officer Anu Subramanian said in a statement.

The COVID-19 crisis had boosted the use of dating apps as people tied to their homes used the virtual platforms to meet new people and build both personal and professional relationships. Even with the reopening of the economy, the surge in users caused by the pandemic has not diminished.

The company, made up of the Bumble and Badoo apps, recently bought French company Fruitz in its first acquisition to bolster its position in Europe, where it is catching up with Tinder owner Match Group.

Excluding special items, Bumble earned 13 cents per share for the quarter ended December 31. According to Refinitiv’s IBES data, analysts, on average, had expected the company to break even on a per-share basis.

(Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)

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Emma Bowman

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