Bumble Inc (NASDAQ:BMBL), which owns the dating app where women make the first move, announced that its first quarter 2023 total revenue rose 15.7% year over year to $242.9 million, beating the consensus estimate of $240.98 million, while its app revenue grew 25.9% to $194.3 million.
Bumble, the parent company of Bumble, Badoo, and Fruitz, also swung to a quarterly net loss of $2.3 million, or $0.01 per share, from a profit of $23.7 million during the same period last year, although its Adjusted EBITDA increased to $59.3 million from $49.8 million a year earlier.
Analysts expected the company to break even on a per-share basis.
“We executed efficiently against our strategic priorities, enabling us to deliver stronger than expected adjusted EBITDA in the first quarter,” Bumble chief financial officer Anu Subramanian said in a statement.
“We believe the momentum in our business sets us up well to continue delivering profitable growth and we are reiterating our guidance for the full year,” Subramanian added.
Bumble also noted that its app paying users increased 31% to 2.3 million, representing quarter-over-quarter growth of 98,000.
For the full year 2023, the company expects year over year total revenue growth to be the range of 16% to 19%
As well, Bumble said its board of directors has approved a $150 million share buyback program.
Shares of Bumble gained 4% in Thursday’s after-hours trading session.
Contact Sean at sean@proactiveinvestors.com