Why Bumble Stock Shot Up More Than 10% This Week
Shares of Bumble (NASDAQ: BMBL) shot up by as much as 13.2% this week, according to S&P Global Market Intelligence data. The online dating company released its fourth-quarter earnings to investors, showing impressive revenue growth that beat Wall Street expectations. As of the market close on Thursday, Feb. 23, shares are up 10.3% this week.
Bumble owns online dating properties like Bumble, Badoo, and Fruitz. It is one of two large dating companies -- along with Match Group, which owns Tinder and Hinge.
Its Q4 earnings were impressive. Revenue grew 16.7% year over year (YOY) in the quarter to $241.6 million, even with major foreign exchange headwinds and declining users on its Badoo application. Its flagship Bumble app is the shining star in its portfolio. Its revenue grew 27.7% YOY in Q4 to $191 million, driven by growth in paying users to 2.2 million, up from 1.64 million a year ago. Investors applauded this strong growth, especially considering its main competitor, Match Group, saw its revenue slightly decline in Q4.
Source Fool.com
