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Bumble beats quarterly revenue estimates -Breaking

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© Reuters. FILE PHOTO : This photo illustrates the Bumble Inc. (BMBL), app on an Apple iPhone. The illustration is taken on the date app’s first IPO, which was held on the Nasdaq Stock Exchange on February 11, 2021. REUTERS/Mike Blake/Illustration

(Reuters) – Bumble Inc beat the market for its first quarter revenue, thanks to a growing number of paid members who crowd its dating apps in search of connection. This pushed its stock up 14% following market.

Dating apps have been able to maintain their users during the pandemic by allowing them to continue using dating apps.

Apptopia data showed that Bumble downloads increased by 20.6% in the United States during the first quarter and monthly average users increased 13.7% compared with a year ago.

Bumble launched its marketplace in February 2013. It reported that the number of paying customers grew to 3,000,000 during the quarter. This helped increase revenue.

According to data from Refinitiv IBES, the company earned $211.2 millions in revenue for its March 31 quarter. This compares with analyst estimates of $208.30 billion.

From $341.8million, which was $1.69 per shares a year ago, the company’s net earnings dropped to $16.4 million or 13c per share.

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