According to Bumble CEO Whitney Wolfe Herd, the company’s Q4 and full-year 2022 performance strengthens confidence in “long-term opportunity.”
Bumble Inc (NASDAQ: BMBL) recently announced its Q4 and full-year 2022 results, which showed a 19% increase in annual revenue. The dating app facilitator hauled in $903.5 million for the whole year, while also recording a fourth-quarter 28% increase to $190.8 million. Furthermore, Bumble reported a 35% increase in paying users to 2.2 million in Q4. According to the company, its subscription base grew 130,000 quarter-over-quarter last year.
Bumble Q4 and Full-Year 2022 Results by The Numbers
Bumble’s total revenue increased 16.7% to $241.6 million, compared to 2021’s haul of $207.0 million. This includes a $12.7 million year-over-year (YoY) loss caused by foreign currency movements. The app’s revenue haul of $190.8 million for the fourth quarter also compared favorably with Q4 2021’s haul of $149.4 million, which also includes a YoY foreign currency impact of $7.1 million for the period. Meanwhile, Badoo App and other revenue fell 11.9% YoY to $50.8 million, compared to the $57.6 million made in Q4 2021. Badoo’s foreign currency movement impact was $5.6 million YoY.
Total paying users grew 14.4% to 3.4 million in the fourth quarter of 2022 versus 3.0 million realized in Q4 2021. In addition, Bumble’s total average revenue per paying user also increased to $23.01 versus $22.69 from 2021’s fourth quarter. Meanwhile, the company’s Q4 2022 net loss came in at $159.2 million, or 65.9% of revenue. This figure far surpassed the net loss of $13.9 million, or 6.7% of revenue Bumble sustained in the year-ago period.
Finally, Q4 2022 adjusted EBITDA was $60.5 million, or 25.0% of revenue, versus $54.8 million, or 26.4% of revenue from Q4 2021.
Execs Weigh In
Commenting on the 2022 Bumble Q4 and full-year earnings performance, Bumble’s chief executive officer and founder Whitney Wolfe Herd said:
“We achieved strong results in 2022 by advancing our powerful products, technology, and mission to create kind connections.”
In addition, Herd also ascribed Bumble’s performance to the quality of product experiences offered to customers last year. Projecting confidence in the dating platform’s long-term opportunities, she explained that “by delivering unique and engaging product experiences built upon a foundation of trust and safety, our team is realizing the tremendous potential of our brands. The momentum of our business continues to strengthen our confidence in our long-term opportunity.”
Also chipping in comments on Bumble’s latest earnings outing, the company’s chief financial officer Anu Subramanian said:
“The resilience of our business is underscored by Bumble App’s half a million paying user net additions and healthy 31% revenue increase for the full year.”
Subramanian added that Bumble is on course to expand its business and achieve profitability again in 2023. According to her, the company seeks to achieve these targets by “meaningfully expanding our offerings and extending our reach across the globe.”
Founded in 2014, Bumble Inc was one of the first dating apps led by women. The platform is the parent company of Bumble, Badoo, and Fruitz.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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