Bumble Stock Is Getting Stung Monday: What's Going On?

Bumble Inc BMBL shares are trading lower Monday after the company announced a CEO transition.

What Happened: Bumble said its founder and CEO Whitney Wolfe Herd will step down from her role and become executive chair of the company. Current Slack CEO Lidiane Jones will succeed Wolfe Herd, effective Jan. 2, 2024. 

"This move to Executive Chair gives me the ability to step forward into a new and exciting role, get back to my founder roots and bring immense passion and focus to this next chapter of growth," Wolfe Herd said. 

The news comes just a day ahead of earnings. Bumble is set to report third-quarter financial results after the market close on Tuesday. Analysts are looking for earnings of 7 cents per share and revenue of $276.971 million, according to Benzinga Pro.

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BMBL Price Action: Bumble shares were down 6.25% at $12.82 at the time of publication, according to Benzinga Pro.

Photo: amrothman from Pixabay.