Bumble anticipates higher demand

After it report better-than-estimated rise in fourth-quarter revenue, Bumble Inc said it expects pent up demand from people who had been avoiding dating in person due to the COVID-19 pandemic.

Bumble also said it will build its friendship product Bumble BFF beyond its minimum viable offering as it expects friendships and platonic relationships at large to be a massive opportunity going forward.

Bumble extimates current quarter revenue to be in the range of $163 million and $165 million.

Bumble boasted of 12.7% of the U.S. dating market, with close to 5.5 million average monthly active users and 2.2 million downloads in the United States alone, during the quarter.

Founded by Tinder co-founder Whitney Wolfe Herd, Bumble raised $2.2 billion in its initial public offering last month, following which Herd became the youngest female CEO to ever take a company public.

Bumble, which operates two major apps Badoo and Bumble, posted a 31.1% rise in revenue to $165.6 million in the fourth quarter, first earnings report since it went public. Analysts on average had expected a revenue of $163.3 million, according to Refinitiv IBES data.

Net loss widened to $26.1 million during the quarter, or 1 cent a share, from a net loss of $17.2 million a year ago.

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