Bumble Inc. (BMBL) reported its Q4 FY23 results, revealing a revenue increase to $273.6 million from $241.6 million in the previous year and provided FY24 guidance. Despite this growth, the company experienced a net loss of $32 million, or 19 cents per share, an improvement from the previous year's loss of $159.2 million, or 35 cents per share. As part of its strategy to improve profitability, Bumble announced plans to cut about 350 roles, aiming for annualized operational expenditure savings of approximately $55 million, which represents about 5% of its FY23 revenues. The company intends to reinvest around $15 million of these savings. For FY24, Bumble forecasts at least 300 basis points of year-over-year EBITDA margin expansion. However, the company's shares fell to an all-time low following a downbeat quarterly revenue forecast, highlighting the challenges it faces amid sluggish user spending and the need for innovation in the dating app industry. New CEO Lidiane Jones is steering Bumble through these challenges, emphasizing the need for innovation.
Bumble shares fell to an all-time low after its downbeat quarterly revenue forecast underscored the need for a revamp of the dating-app experience to attract newer generations seeking companionship https://t.co/lXE3eS2FiI https://t.co/49a87yygDv
$BMBL (-10.8% pre) Bumble to cut about 350 roles, forecasts weak first-quarter revenue https://t.co/2zbP0rVpoC
$BMBL 💯 "New CEO Lidiane Jones moves to steer Bumble through sluggish user spending in an industry she said 'hasn't seen true innovation in several years.’"
$BMBL Q4 FY23 - "We estimate future annualized OpEx savings from this workforce reduction to be ~$55 million [equal to ~5% of FY24e revenues], of which we expect to selectively reinvest ~$15 million... For 2024, we expect at least 300 basis points of YoY EBITDA margin expansion." https://t.co/0xcJKO0AlG
$BMBL Q4 FY23 call - "We estimate future annualized OpEx savings from this workforce reduction to be ~$55 million [or ~5% of FY24e revenues], of which we expect to selectively reinvest ~$15 million... For 2024, we expect at least 300 basis points of YoY EBITDA margin expansion."
$BMBL Q4 FY23 call - "We estimate future annualized OpEx savings from this workforce reduction to be ~$55 million [~5% of FY23 revenues], of which we expect to selectively reinvest ~$15 million... For 2024, we expect at least 300 basis points of YoY EBITDA margin expansion." https://t.co/RFRTyLF564
$BMBL reported $273.6M in revenue, up from the $241.6 million in the same period last year. And net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share https://t.co/FVZRDboxmP
$LMND Lemonade reported a quarterly adjusted loss of 61 cents per share vs EPS of -93 cents year ago. Estimate was for a loss of 80 cents per share. Revenue rose 30.7% to $115.50 million from a year ago; analysts expected $111.77 million. Still in the "range" of $17 to $25 https://t.co/YEMo31PRVZ
Updated chart following $BMBL Q4 FY23 results and FY24 guidance https://t.co/KdwWujOVKu