Shares of Bumble (BMBL) - Get Report dropped in after-hours trading Wednesday even after the dating app swung to a first-quarter profit and more than doubled its revenue in its second report as a public company.
Shares of the Austin, Texas., company fell 2.54% to $46.04 at last check.
The dating app operator reported net earnings of $323.4 million, or $1.69 a share vs. a loss of $55.8 million, or 2 cents a share in the year-ago quarter, stronger than the FactSet consensus estimate of a GAAP loss of 3 cents a share.
Revenue came in at $170.7 million, also ahead of the FactSet estimates of $164.6 million and up from $79.1 million a year ago.
Bumble said total paying customers increased 30% to 2.8 million, compared to 2.2 million in the same period a year ago.
"We were able to combine our safety, mission and women-first narratives throughout the quarter in a manner that drove notable growth in user engagement and retention globally," said Founder and Chief Executive Whitney Wolfe Herd in a statement.
Revenue from Bumble accounted for 65% of the total at $112.6 million. Bumble's other dating app, Badoo, which doesn't require women to make the first move, clocked $58.1 million in the quarter ended March 31.
"Our brand and products are resonating worldwide, and we are inspired by the resilience of our customers who have demonstrated the power of human connection during the pandemic," Herd added.
Herd also said that "safety and accountability" were at the foundation of Bumble's business and have been key to advancing its position.
"Our first-quarter results reflect significant growth in paying users as well as improved monetization, positioning us to raise full-year 2021 guidance,” added Chief Financial Officer Anu Subramanian in a statement.
For the second quarter, Bumble expects revenue from $175 million to $178 million ahead of the FactSet estimate of $174.4 million. It forecasts adjusted profit between $42 million to $44 million, while the FactSet survey was calling for Bumble to break even on a GAAP basis and post earnings of a nickel a share.
For all of 2021, Bumble expects revenue between $724 million and $734 million also ahead of Wall Street analysts' expectations of $723.9 million.
For the full year, Bumble expects adjusted profit between $177 million to $182 million. FactSet survey is looking for GAAP earnings of a penny a share or adjusted profit of 19 cents a share.