Bumble revenue up 31% in first earnings report since going public
Bumble brought in $165.6 million
Bumble’s business is buzz-worthy.
The dating app, which distinguishes itself from others by allowing only women to make the first move in heterosexual matches, saw revenue rise 31% to $165.6 million in its first earnings report since CEO Whitney Wolfe Herd took the company public last month. The company brought in $126.3 million in revenue for the fourth quarter of 2019.
Austin-based Bumble Inc. — which raised $2.2 billion in its IPO, or more than the $1.8 billion expected, according to its Securities and Exchange Commission filing — said in its earnings report that it had 2.7 million paying users, up 32% from the fourth quarter in 2019.
“We are committed to our mission, our customers and to advancing the business, which fueled our strong fourth quarter and full-year 2020 results,” Wolfe Herd said in a statement.
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“Our significant increase in revenue and paying users is a direct result of our team’s dedication and remarkable agility during a challenging pandemic. Looking ahead, we remain focused on driving scale, investing in our users and expanding internationally. Our IPO was a pivotal milestone, but we are just getting started and are excited for the next chapter of our journey.”
Bumble’s revenue for the full year of 2020 increased to $582.2 million from $488.9 million in 2019. Wolfe Herd, 31, became the youngest self-made billionaire with a net worth of $1.5 billion, when Bumble's stock closed at $70.31 per share on its first day on the public market, according to Forbes.
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Dating apps overall have seen staggering growth during the pandemic, as more users look for matches remotely. There have been 1.5 million daily active users on the country’s top 20 dating apps, according to data firm Apptopia.