Bumble Discontinues Operations in Russia and Belarus
Contributed by: kellyseal on Monday, March 28 2022 @ 07:17 am
Last modified on Monday, March 28 2022 @ 07:32 am
Dating platform Bumble announced that it will be stopping operations in Russia and Belarus because of the invasion of Ukraine. The company has removed its apps from the Apple Store and Google Play in both countries.
In addition to its signature apps, Bumble has removed its new and popular French app Fruitz, as well as Badoo which is popular across Europe, from app stores in Russia and Belarus, according to The Washington Post[*1] .
According to ABC[*2] local news in Texas, Bumble said it stands to lose about $20 million in revenue from Russia, Belarus and Ukraine due to the halting of operations. The Washington Post estimates this is less than .1 percent of the Bumble app’s revenue, and 2.8 percent of its revenue across all of its apps.
Bumble joins a growing list of well-known corporations that include Coca Cola, MacDonald’s, Netflix, Visa, Mastercard, YouTube, Facebook and others doing business in Russia who are shuttering operations, citing Russia’s invasion and attack on Ukraine. These companies have been swayed by public sentiment showing support for the people of Ukraine, who have been actively posting about the damage being done to their country, in particular civilian attacks on schools and hospitals by the Russian forces.
NATO countries have imposed severe sanctions on Russia to impact its economy and to encourage them to withdraw troops, but so far, these efforts haven’t slowed the attacks. American companies are joining the effort in the hopes that it will make a difference.
Bumble said that it was also “supporting the International Rescue Committee in assisting women and families affected by the crisis in Ukraine,” on its Twitter feed. “We stand with women everywhere, every day,” the company tweeted[*3] .
Bumble announced its move to halt operations in Russia and Belarus on a recent earnings call, where they announced better-than-expected sales revenue in the last quarter which led to a 20 percent jump in its stock price, a much-needed boost for its previously declining shares.
Bumble was founded by Whitney Wolfe Herd, who originally enlisted the help of Russian billionaire Andre Andreev, then the owner of Badoo, in its creation. He eventually sold his stake in Magic Lab, Badoo’s parent company, after an investigation into Badoo’s work environment which several former employees claimed was toxic. It was valued at about $3 billion, and later was rebranded under the Bumble name.
Bumble has not commented further on its actions to pull its operations from Russia and Ukraine, according to multiple news outlets.