Bumble ( NASDAQ: BMBL ) nosedived 16.9% after hours as it became the latest Internet service company to post disappointing revenue and an anemic forecast amid a broad online slowdown.
Revenues grew by nearly 17%, to $232.6M, but missed estimates that (as with many other Internet names) have seen more than a dozen downward revisions in the past few months.
That was due to an also-typical negative impact from currency shifts tied to the strong dollar - Bumble estimates unfavorable impact to its namesake app and to "Badoo and other" apps at $7M each.
But the Bumble app drove the growth, rising 27.9% to $180.6M, while Badoo App and Other revenues slipped 10.2% to $52M.
Operationally, the company saw gains in subscribers - paying users rose to 3.3M from 2.9M - as well as average revenue per paying user, which increased to $22.96 from $22.81.
"We continue to see resilient usage and engagement trends across our family of apps," founder/CEO Whitney Wolfe Herd said. "Bumble App continued to gain share across most major markets while driving record paying user additions and we also made encouraging progress with Badoo."
The forecast for the current quarter was dim as well, though. Bumble ( BMBL ) sees Q4 revenues at $232M-$237M, vs. consensus for $254M - that includes a greater impact from foreign exchange ($16M from currency movements) as well as impact on Badoo of $5M from the Ukraine conflict.
It also sees adjusted EBITDA coming in at $57M-$59M for the fourth quarter.
For further details see:
Bumble stumbles 17% as revenue results, forecast disappoint