Contributed by: kellyseal on Wednesday, March 30 2022 @ 10:02 am
Last modified on Wednesday, March 30 2022 @ 10:06 am
Bumble’s stock jumped 20 percent after an earnings report from the company showed an increase in revenue for the fourth quarter of 2021, finishing far ahead of analyst expectations.
According to Yahoo![*1] , Bumble’s overall revenue for Q4 in 2021 increased 25.7 percent to $208.2 million compared to $165.60 million for the same quarter the year before, including the negative impact from foreign currency movements year over year. Total paying users also increased 10.6 percent to 3 million, compared to 2.7 million at the end of 2020. Total average revenue per paying user (ARPPU) was $22.83 in Q4 2021, compared to $20.02 in Q4 2020.
While Badoo’s app revenue decreased 3.5 percent to $57.7 million compared with $59.8 million from 2020, Bumble app revenue was on the upswing with a 42.2 percent increase in revenue to $150.5 million in the fourth quarter last year, compared to $105.8 million the year before, not only offsetting but far surpassing the losses.
Bumble owns a suite of apps including Badoo and Fruitz under its brand.
Last year was a better year overall for Bumble, too. Revenue was $765.7 million from January through December 2021, compared to $582.2 million for all of 2020. Total paying users increased 15.5 percent to 2.9 million compared to 2.5 million the year before, and total ARPPU was $21.68 in 2021 compared to $18.89 the year before.
And while Badoo lost revenue in the fourth quarter of last year, the app still came out ahead for the year with $232.8 million in 2021 compared to $221.7 million for all of 2020. Bumble’s revenue for 2021 was a major increase from the year before, totaling $532.9 million compared to $360.5 million for 2020.
The pandemic impacted the dating app industry, with more people joining apps than ever before as they isolated at home. While businesses are opening back up and people are meeting in person again, dating app companies and analysts agree that people will continue to rely on apps for meeting people.
"We expect Bumble App to have another strong year in 2022 and grow revenue 34% to 36% year-over-year, driven by continued international expansion and product innovation," Chief Financial Officer Anu Subramanian said the company’s earnings statement.
"We are pleased to deliver another quarter of strong revenue and adjusted EBITDA growth and are excited to add Fruitz to our family of global, market-leading apps,” Bumble Founder and CEO Whitney Wolfe Herd said in a statement. “In our first year as a public company, and with our mission at the forefront of everything we do, we successfully executed on our core strategic priorities: driving scale and engagement, increasing monetization, and improving profitability."
Notably, Bumble also announced that it will be halting operations in Russia and Belarus because of their military invasion of Ukraine.