Bumble nudges past quarterly revenue estimates on app demand
Aug 10 (Reuters) - Online dating firm Bumble Inc edged past quarterly revenue estimates on Wednesday, as more paying users flocked to its platform in search of companionship.
The online dating industry had experienced a surge in popularity fueled by pandemic-induced curbs as people went the digital route to continue socializing, with the growth continuing its upward trajectory even after lockdown constraints have been removed.
Data from research firm Apptopia showed Bumble downloads rose nearly 35% year-over-year during the second quarter in the United States, while monthly active users jumped over 24%.
While Bumble has experienced a surge in popularity - with paying users growing 31% to 1.9 million in the quarter - its other dating app, Badoo, which is mostly used in Western Europe by the urban middle class segment, remains under pressure from ongoing economic uncertainties.
Bumble reported revenue of $50.8 million from Badoo and other apps in the quarter ended June 30, a 13.7% decline from a year earlier. In contrast, Bumble app revenue jumped 33.2% to $169.6 million in the same period.
The company said its revenue rose 18.4% to $220.5 million for the second quarter, compared with analysts' average estimate of $219.4 million, according to Refinitiv data. (Reporting by Tiyashi Datta and Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)