Q2 2024 Bumble Inc Earnings Call Transcript
Key Points
- Bumble Inc (BMBL) reported a 3% year-over-year revenue growth to $269 million in Q2 2024.
- The company saw a 14% increase in total paying users, reaching 4.1 million.
- Bumble app revenue grew by 5% to $218 million, driven by a 15% increase in paying users.
- The company has implemented a comprehensive plan focusing on ecosystem health, customer experience, and revenue strategy.
- Bumble Inc (BMBL) has a strong balance sheet with $287 million in cash and cash equivalents, and continues to return capital to shareholders through its buyback program.
- ARPPU (Average Revenue Per Paying User) declined by 8% to $21.37, driven by geographic mix shift.
- Badoo app and other revenue declined by 2% year-over-year to $51 million.
- The company is facing top-of-the-funnel softness, particularly in mature markets like the US.
- Bumble Inc (BMBL) has revised its full-year 2024 revenue growth outlook to between 1% and 2%, indicating slower growth.
- The company expects negative net adds in Q4 2024, partly driven by seasonality and the impact of strategic actions.
Hello, and welcome to the Bumble second quarter 2024 financial results conference call. My name is Elliot's, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to Cherryl Valenzuela, Vice President of Investor Relations. Please go ahead.
Thank you for joining us to discuss Bumble's second quarter 2024 financial results. With me today are Bumbleâs CEO, Lidiane Jones; and CFO, Anu Subramanian.
Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions, and information currently available to us.
Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of factors and risks that could cause actual results to differ materially from these forward
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