Here's Why Bumble Stock Stumbled on Thursday
Shares of dating app company Bumble (NASDAQ: BMBL) stumbled on Thursday after the company reported a decline in paying users. A bevy of Wall Street analysts followed up by lowering their price targets for the stock, adding to today's pain. As of 11 a.m. EDT, Bumble stock was down 17%.
For the third quarter, Bumble generated revenue of $200.5 million, up 24% year over year and actually ahead of management's previous guidance. But it seems that this small beat was fueled by a 19% increase in average revenue per user, not an increase in users. In fact, the company saw overall paying users decline from 2,927,300 last quarter to 2,866,000 in third quarter.
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Source Fool.com
