Bumble (NASDAQ:BMBL) on Wednesday logged $165.6 million in revenue, topping Wall Street forecasts, and nearly broke even in its first quarterly report since going public in February.
The company behind popular dating apps Bumble and Badoo posted strong growth in revenue and subscribers, boosted by a global pandemic that drove daters online.
The company reported a loss per share of one cent, on revenue of $165.6 million vs. expected revenue of $163.3 million. Wall Street was looking for a quarterly loss of 13 cents per share.
Revenue marked 31% growth year over year, with the company’s Bumble app raking in $105.8 million during the period and its Badoo app posting $59.8 million.
Still, the company reported a net loss of $26.1 million, down from a net profit of $17.2 million during the same period a year prior.
Bumble reported 2.7 million paying users for the fourth quarter across both apps, up 32.5% from the fourth quarter of 2019. The company didn’t disclose recent figures for total app users, but previously reported 42.1 million active monthly users as of September 2020.
Bumble went public in February with an initial public offering of $2.2 billion, staking a claim in the online dating market alongside industry leader Match Group (NASDAQ:MTCH), which operates popular dating apps Tinder and Hinge.
Bumble operates its namesake app primarily in the U.S., U.K., Australia and Canada and a similar offering, Badoo, primarily in Europe and Latin America.
Shares took on $4.89, or 7.8%, to $69.80.