Bumble Shares Take Record Plunge on Slashed Annual Outlook
- Company projects 1% to 2% revenue growth, down from 8% to 11%
- Dating firm ties lower outlook to ‘reset’ of growth strategy
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Bumble Inc.’s shares took a record plunge on Thursday after the dating company slashed its annual revenue outlook, signaling that an overhaul of the brand’s flagship app has failed to reignite growth.
The Austin, Texas-based company said late Wednesday that 2024 revenue will gain by 1% to 2% from a year earlier. It had previously forecast growth of as much as 11%, and Wall Street was expecting 8.4%, based on estimates compiled by Bloomberg. Second-quarter results also largely missed forecasts.