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(Reuters) – Online dating company Bumble Inc beat quarterly profit estimates on Wednesday as more paid users flocked to its business platform.
The online dating industry has noticed a surge in popularity driven by pandemic-induced obstacles as other people took the virtual direction to continue socializing, and the expansion continued its upward trajectory even after lockdown restrictions were removed.
Data from research company Apptopia showed that Bumble downloads grew nearly 35% year-over-year in the last quarter in the U. S. In the U. S. , while monthly active users increased by more than 24%.
While Bumble has noticed a resurgence in popularity, with a 31% increase in paid users to 1. 9 million in the quarter, its other dating app, Badoo, which is basically used in Western Europe through the middle-class urban segment, remains under pressure. of persistent economic uncertainties.
Bumble reported a $50. 8 million profit from Badoo and its programs in the quarter ended June 30, down 13. 7% from a year earlier. In contrast, the Bumble app’s profit increased 33. 2% to $169. 6 million over the same period.
The company said its profit rose 18. 4% to $220. 5 million in the current quarter, with an average analyst estimate of $219. 4 million, according to Refinitiv data.
(Reporting through Tiyashi Datta and Deborah Sophia in Bengaluru; Editing via Krishna Chandra Eluri)