Bumble Reports Q4 Results: EPS Miss, Revenue Miss, Workforce Reductions

Bumble Inc. BMBL reported its fourth-quarter financial results and announced workforce reductions after the bell Tuesday. Here's a look at the details. 

The Details:

Bumble reported quarterly losses of 19 cents per share which missed the analyst consensus estimate of 12 cents per share.

The company reported quarterly sales of $273.64 million which missed the analyst consensus estimate of $275.29 million by 0.6% and represents a 13.25% increase over sales of $241.63 million from the same period last year.

Bumble also announced it will reduce its workforce by 350 roles as part of a transformation plan. The company expects to incur approximately $20 million to $25 million of charges consisting of severance and benefits for its impacted employees, the majority to be recognized in the first two quarters of 2024.

“Today, we announced solid full-year results and a bold plan to transform Bumble and lead the company to its next phase of growth and innovation,” said Lidiane Jones, CEO of Bumble.

“We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap. We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships,” Jones added.

Outlook: 

Bumble expects first-quarter total revenue of between $262 million and $268 million, with Bumble App revenue between $211 million and $215 million.

The company expects full year 2024 total revenue growth of 8% to 11% and Bumble App revenue growth of 9% to 11%.

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BMBL Price Action: According to Benzinga Pro, Bumble shares are trading down 6.68% after-hours at $12.30 at the time of publication.

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