Shares of dating-platform company Bumble (NASDAQ: BMBL) plunged on Thursday after the company released financial results for the first quarter of 2021. Results exceeded management's previous guidance and its full-year outlook improved. But it wasn't enough for Wall Street, with a slew of analysts lowering their price targets on the shares. As of 11:45 a.m. EDT today, Bumble stock was down 11%.
Bumble generated total first-quarter revenue of almost $171 million. This compares favorably to management's previous guidance of $163 million to $165 million. The total annual growth rate for the top line was 43%, although this was on a pro forma basis, accounting for changes to the business structure leading up to its initial public offering ( IPO ). Looking just at revenue generated from the Bumble app, however, revenue was up almost 61% year over year to $112.6 million.
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Why Bumble Stock Plunged Today