Bumble delivered a mixed set of third-quarter results as it failed to meet market expectations on the revenue front but managed an earnings beat. Like its rival Match Group, Bumble has also shown a decent level of resiliency of its brands in the face of a challenging global operating environment. The company produced a decent top-line growth of 17% year over year in Q3, driven by 28% growth for the Bumble App. The revenue growth would have been 10 points higher and Bumble App revenue growth would have been 5 points higher after adjusting for forex and the situation in Ukraine. In Q3, the Bumble App maintained its momentum, growing its download market share in its domestic and international expansion regions and above its projections for user acquisition and retention. They also launched their speed dating option in a few international cities. With Bantr Live by Bumble, they are bringing the concept of blind dating to Bumble and finding an entertaining way to grow and further engage Bumble users in their core English-speaking markets. We anticipate that their high pace of product development will continue in 2023. We give them a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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