Why Bumble Stock Soared Today
Shares of Bumble (NASDAQ: BMBL) surged on Thursday after the digital dating platform reported impressive first-quarter results. As of 3:35 p.m. ET, the stock price was up by 25%.
Revenue rose 24% year over year to $211 million, fueled by a 38% surge in Bumble App revenue to $155 million. That was partially offset by a 4% decline in sales from the company's Badoo app and other products, to $55.8 million.
People are flocking to Bumble's namesake app. Paying users jumped by 31% to 1.8 million. Those people are also spending more on in-app purchases. That helped increase the app's average revenue per paying user (ARPPU) by 5% to $29.18.
Source Fool.com
