Why Bumble Stock Plunged Today
Shares of dating-platform company Bumble (NASDAQ: BMBL) plunged on Thursday after the company released financial results for the first quarter of 2021. Results exceeded management's previous guidance and its full-year outlook improved. But it wasn't enough for Wall Street, with a slew of analysts lowering their price targets on the shares. As of 11:45 a.m. EDT today, Bumble stock was down 11%.
Bumble generated total first-quarter revenue of almost $171 million. This compares favorably to management's previous guidance of $163 million to $165 million. The total annual growth rate for the top line was 43%, although this was on a pro forma basis, accounting for changes to the business structure leading up to its initial public offering (IPO). Looking just at revenue generated from the Bumble app, however, revenue was up almost 61% year over year to $112.6 million.
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Source Fool.com
