Bumble Inc exceeded quarterly revenue estimates on Wednesday, as more people turned to its online dating app while staying indoors during the COVID-19 pandemic, sending its shares 6% higher in extended trading.
The company’s total paying users surged 30% in the first quarter. It reported revenue of $170.7 million, compared with analysts’ estimates of $164.6 million, according to Refinitiv IBES data.
Devoid of face-to-face meetings during the health crisis, people have flocked to dating apps in the past few months for romantic relationships and social interactions.
Bumble recorded nearly 2 million downloads and about 5.6 million monthly active users during the first quarter in the United State alone, data from analytics firm Apptopia shows.
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