Bumble Inc. (BMBL.O) surpassed first-quarter sales projections on Thursday, sending its shares up 4.6% in afternoon trading. As more people paid to find love, Badoo’s parent company, Fruitz, saw strong user growth during the quarter.
According to Refinitiv data, the company’s sales for the quarter ended March 31 were $242.9 million, above analysts’ projections of $241.0 million.
Bumble’s first-quarter revenue growth was 15.7%, its smallest since going public in February 2021. In addition, a $150 million Class A Common stock buyback scheme was launched.
Bumble’s “Compliments” function, which lets users write a message before connecting, has helped it deal with high inflation and rising interest rates. From 3 million a year earlier, the reporting quarter had 3.5 million paid users.
According to Refinitiv data, Austin, Texas-based firm predicted current-quarter sales between $254 million and $258 million, with the midpoint at $256 million. Analysts expected $256.63 million.