As user spending on its dating app has remained strong despite an impending recession, Bumble Inc. beat first-quarter revenue estimates on Thursday, sending its shares up 4.6% in after-hours trading.
According to Refinitiv statistics, the company’s sales for the three months ending March 31 came in at $242.9 million as opposed to the $241.0 million experts had predicted.
The firm has been able to deal with high inflation and increasing interest rates because to new features like “Compliments,” which enables users to interact by sending a message before deciding to join.
As users continued to look for love and companionship, the total number of paying users increased to 3.5 million in the reported quarter from 3 million a year earlier.
According to Refinitiv data, the Austin, Texas-based business projected current-quarter sales between $254 million and $258 million, with $256 million as the midpoint while analysts were anticipating $256.63 million.
