Bumble

Dating app Bumble just reported revenue in Q4 of 2020 that exceeded expectations, prompting shares to jump as high as 5 percent. This news comes on the heels of the company’s stock market debut.

The company reported revenue of $165.6 million in the fourth quarter, a 31.1 percent increase for the first earnings report since the company went public, according to Reuters. (Analysts had originally expected revenue of $163.3 million.) Bumble expects the current quarter to generate between $163 million and $165 million as well. 

Reuters also reported that Bumble attributed the fourth quarter success to daters having “pent-up demand” for in-person dates again after a year of lockdowns in the wake of a global pandemic. They expect their numbers to grow as more people get vaccinated and restrictions are lifted.

Image: Bumble

Female-forward dating app Bumble said it will ban users who engage in body-shaming on the app.

The company said that it’s employing an algorithm that identifies and flags users engaging in derogatory language that is “fatphobic, racist, or homophobic,” according to The Guardian. Once these accounts are flagged, moderators will analyze the conversation to determine whether the user violated the new policy. If they are determined to have used inappropriate language, they will receive a warning, and if they engaged repeatedly in such language or hateful rhetoric, they will be banned.

Dating app Bumble set the terms to raise as much as $1 billion for its initial public offering. The company is expected to make its stock market debut later this month.

According to Bloomberg, Bumble plans to sell a total of 34.5 million shares for $28 to $30 per share to reach its goal. This information was disclosed earlier this week in a filing with the Securities and Exchange Commission. If shares go for $30, Bumble would be valued at over $6 billion including debt after the listing, according to Bloomberg. This is based on the outstanding Class A shares in its listing document.

A new investment scam targeting dating app users has been detected by Interpol, according to ZDNet.

The International Criminal Police Organization (Interpol) issued a “purple notice” to 194 member countries, describing a new money-making scheme on dating apps, according to ZDNet. Interpol stated that the scam “takes advantage of people’s vulnerabilities as they look for potential matches, and lures them into sophisticated fraud scheme.”

The scammers have set up fake profiles in apps like Tinder, Bumble, and eHarmony, and match with users who don’t know they are scammers. The scammers then message their targets pretending to be interested in them romantically in order to build trust, occasionally giving them investment “tips” to turn the conversation towards money.

Bumble Inc. made its IPO filing public Friday January 15th, following rumors that the company would go public in time for Valentine’s Day. The app is expected to list on NASDAQ under the BMBL ticker.

According to The New York Post, Bumble reported revenue of $488.9 million in 2019, and $376.6 million in revenue between January 29 and September 30th of 2020. (Fourth quarter results have not been reported.) The pandemic has helped fuel dating app sign-ups and activity, with people using them to connect in a time of social distancing. Bumble offers an in-app video chat feature, which has been incredibly popular the last several months as people were in lockdown.

Dating app users are advertising when they have received the COVID-19 vaccine in the hope of capturing more matches.

As more people are able to get vaccinated, it has become a selling point for singles who are eager to date in person again. Healthcare workers, grocery store clerks, politicians and teachers are all in the front of the line to get the vaccine, along with other at-risk populations, and many of them are using dating apps to share their vaccine status. 

According to Vice, people are sharing details in their profiles for maximum visibility, like when they got their last vaccine or if they are still waiting for the second shot.