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Highlights
- Bumble Inc (NASDAQ: BMBL, BMBL: US) has been trending high on the markets, with its stock rising as high as roughly 49 per cent on Wednesday, March 9.
- While the stock closed a little lower at US$ 23.64 apiece, it was still up by almost 42 per cent at the end of the trading day.
- Bumble has also announced that it is suspending its operations in Russia.
Bumble Inc (NASDAQ: BMBL, BMBL: US) has been trending high on the markets, with its stock rising as high as roughly 49 per cent on Wednesday, March 9.
While the stock closed a little lower at US$ 23.64 apiece, it was still up by almost 42 per cent at the end of the trading day.
Why did Bumble (NASDAQ: BMBL, BMBL: US) stock skyrocket?
Bumble’s stock price seems to have shot up on Wednesday in the wake of its fourth quarter and full-year results for fiscal 2021.
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Let us look at how this online dating company has performed financially.
Bumble’s financial performance in Q4 and FY 2021
The Austin, Texas-based company saw its revenue surge by 25.7 per cent year-over-year (YoY) to US$ 208.2 million in Q4 FY2021. Its top line for the full year of 2021 was US$ 765.7 million compared to US$ 542.2 million in 2020.
The US$ 3-billion market cap firm said that its total paying users were up by 10.6 per cent YoY to three million in the latest quarter.
However, it incurred a net loss of US$ 14.7 million in the latest quarter compared to a loss of US$ 26.1 million a year ago.
Bumble has also announced that it is suspending its operations in Russia. This move comes in addition to the removal of its applications from the Apple App Store and Google Play Store in Russia and Belarus.
While announcing the discontinuation of its services, Bumble stated that its revenue from Russia, Belarus and Ukraine was about 2.8 per cent of its total revenue in 2021.
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Bottomline
While it skyrocketed on Wednesday, Bumble’s scrip has plummeted by roughly 63 per cent in the past 12 months. Before investing in any stock, investors should ideally scrutinize the long-term performance of a company.
