Bumble, the popular online dating company, announced higher revenue in the latest quarter. The company’s third-quarter revenue increased to $275.5 million, up from $232.6 million the previous year. Although slightly below the analyst expectations of $277 million, Bumble remains on a positive trajectory.
In terms of earnings, Bumble recorded $23.1 million, or 12 cents a share, for the third quarter ended September 30. This was down from $26.4 million, or 14 cents a share, compared to the same period last year. Despite the decrease, the earnings still exceeded the FactSet consensus of 7 cents a share.
One notable aspect of Bumble’s performance is the growth in paying users. In the third quarter of 2022, the number of paying users increased to 3.8 million from 3.3 million. Additionally, the average revenue per paying user rose to $23.42, compared to $22.96 in the same period.
Apart from the financial results, Bumble is also focused on expanding its market leadership beyond dating. Chief Executive Whitney Wolfe Herd stated, “We are strengthening our market leadership in online dating and making progress on the sizable opportunity beyond dating.” This emphasizes Bumble’s commitment to exploring other avenues of growth and innovation.
The recent announcement about leadership changes also drew attention. It was revealed that Whitney Wolfe Herd will be stepping down as CEO, with Lidiane Jones set to take over the position. Jones, who previously served as the CEO of Slack Technologies, will assume her new role at Bumble on January 2. Despite her transition from CEO to executive chair, Wolfe Herd will continue her involvement with the company.
Overall, Bumble’s latest results showcase its continued success in the online dating industry while also hinting at its future potential.