Why Bumble Shares Are Rising

Bumble Inc BMBL shares are trading higher by 13.4% at $59.34. The stock spiked following a tweet from a Bloomberg reporter stating Google is lowering its cut from subscriptions on Google Play from 30% to 15%.

Mark Gurman tweeted: "Google is lowering its cut from all subscriptions on Google Play to 15% from 30% -- from day 1. The reduction previously only took effect on the first $1 million in revenue and for users who subscribed longer than a year. Change doesn't apply to in-app-purchases (games) however."

Bumble is engaged in offering online dating services. The company operates two apps, Bumble and Badoo, where users come on a monthly basis to discover new people and connect with each other.

Bumble has a 52-week high of $84.80 and a 52-week low of $38.91.