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The value for dating app Bumble’s stock has dropped 14 percent after the company lowered revenue forecasts for the fourth quarter, and Gen Z users have increasingly stopped renewing their subscriptions.

Bumble expects Q4 revenue to be between $232 million and $237 million according to Reuters. This is lower than Wall Street projections of $254.5 million, according to Refinitiv data. Still, the company pointed out that paying users for the third quarter increased to 3.3 million from 2.9 million last year, a sign of growth despite the downturn.

According to Motley Fool, on a call with investors, Bumble CEO Whitney Wolfe Herd said that the economic slowdown affected spending for “certain segments of its user base,” notably younger daters, who were not renewing subscriptions at the normal rate. Motley Fool also noted that shares had already fallen 38 percent this year as investors fled dating and tech stocks in general, following a surge of interest and rising subscriptions in dating apps during pandemic lockdowns.

Dating app company Bumble has lowered its revenue forecasts through the end of the year, signaling that the boost from pandemic dating might be over.

Bumble adjusted its annual revenue to be between $920 million and $930 million for the year, lower than previous forecasts and market estimates of $934-$944 million. The company’s stock fell 13 percent after the news according to Reuters.

This news follows that of competitor Match Group, which also fell short of expected earnings for Q2. In the wake of the downturn, Match Group announced the lowering of its projected revenue for Q3, with a company shake-up that included halting development for metaverse dating and virtual currency and a restructuring of its executive leadership. Match Group’s stock also took a hit, dropping 20 percent in value after the company released its letter to shareholders.

Shares of dating company Bumble Inc rose 11 percent after news of the company’s earnings were released, with revenue beating analyst expectations.

According to Reuters, the number of total paying users across Bumble properties increased by 7.2 percent to 3 million during the first quarter of this year, increasing revenue to $211.2 million, surpassing analyst expectations of $208.30 million. Bumble apps include its signature apps, Badoo, and French dating app Fruitz among others.

Research firm Apptopia also found that Bumble downloads in the U.S. increased 20.6 percent during the first quarter, and monthly average users rose 13.7 percent compared to the same quarter last year.

Image: Bumble

Bumble Inc has taken a big step in assisting users who have experienced sexual assault and abuse through its new online trauma support center, created in partnership with Bloom and now available to users of its Bumble and Badoo dating apps.

The support center offers online courses to help with emotional healing, and is available to users who report sexual assault or relationship abuse over the apps. They will receive a code for free access to a customized version of Bloom’s support specific to daters, with three self-guided courses: Healing from Sexual Trauma; Society, Patriarchy, and Sexual Trauma; and Dating, Boundaries, and Relationships. The dating apps will also offer one-on-one chat support and up to six therapy sessions for certain cases.

Kenya Fairley, Bumble’s Head of Member Safety Support said in a statement: “We are grateful to be able to remove many known barriers that survivors face when seeking trauma support, from privacy to cost, to allow them the opportunity to begin their healing journey at their own pace."

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!, 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.

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.

According to ABC 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.