Business
Bumble Inc. Announces First Quarter 2023 Results
Total Revenue Increased 16% to $243 Million Bumble App Revenue Increased 26% to $194 Million Bumble App Paying Users Increased 31% to 2.3 Million; Grew
About this update from Bumble Inc.
[{"type":"text","content":"\nTotal Revenue Increased 16% to $243 Million\n\n\nBumble App Revenue Increased 26% to $194 Million\n\n\nBumble App Paying Users Increased 31% to 2.3 Million; Grew 98,000 Quarter Over Quarter\n\n\nBoard of Directors Approves $150 Million Share Repurchase Program\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nBumble Inc. (NASDAQ: BMBL), the parent company of Bumble, Badoo, and Fruitz, today reported financial results for the first quarter ended March 31, 2023.\n\n\n“In Q1, we delivered solid revenue growth and strong Bumble App paying user additions,” said Whitney Wolfe Herd, Founder and CEO of Bumble. “Our results demonstrate the power of our unique family of apps that help people connect with each other amid a global epidemic of loneliness. We believe we are well positioned to drive continued growth by building compelling user experiences, leveraging AI and machine learning technology, and delivering on our mission with our differentiated brands.”\n\n\nFirst Quarter 2023 Financial and Operational Highlights:\n(All comparisons relative to the First Quarter 2022)\n\n\n\nTotal Revenue increased 15.7% to $242.9 million, compared to $210.0 million. This includes an unfavorable impact of $7.2 million from foreign currency movements year over year.\n\n\nBumble App Revenue grew 25.9% to $194.3 million, compared to $154.4 million. This includes an unfavorable impact of $4.6 million from foreign currency movements year over year.\n\n\n\nBadoo App and Other Revenue declined 12.6% to $48.7 million, compared to $55.7 million. This includes an unfavorable impact of $2.6 million from foreign currency movements year over year.\n\n\n\n\n\n\nTotal Paying Users increased to 3.5 million, compared to 3.0 million.\n\n\n\nTotal Average Revenue per Paying User (\"ARPPU\") increased to $22.83, compared to $22.63.\n\n\n\nNet loss was $2.3 million or (1.0)% of revenue, compared to net earnings of $23.7 million, or 11.3% of revenue.\n\n\n\nAdjusted EBITDA was $59.3 million, or 24.4% of revenue, compared to $49.8 million, or 23.7% of revenue.\n\n\n\n“We executed efficiently against our strategic priorities, enabling us to deliver stronger than expected adjusted EBITDA in the first quarter,” said Anu Subramanian, Chief Financial Officer of Bumble. “We believe the momentum in our business sets us up well to continue delivering profitable growth and we are reiterati...