Bumble Stock Tumbles as Users Depart, Issues Soft Outlook | Global News Avenue

Dating apps are losing customers, prompting at least two of these considerations to expand into more areas outside of the romantic core (such as friendship).

Bumble’s stock on Wednesday (BMBL) fell more than 27% after Tuesday’s online dating service released above the weaker first quarter outlook and said it lost 57,000 paying customers in the fourth quarter and paid customers in the third quarter. this Women-centric dating The app also said it will end its two dating apps, namely Fruitz and Official in the first half of the year.

The announcement is that Bumble is expected to earn $242 million to $248 million in the current quarter. The outlook is softer than expected, reflecting the fourth quarter’s paying users declined between 100,000 and 120,000, compared with Wall Street analysts’ forecast 30,000 losses.

Founders say the company continues to promote lifestyle brands

Bumble’s founder Whitney Wolfe Herde, who will return to CEO next month, said the company is continuing to push for making Bumble a “wider lifestyle brand” , allowing users to find not only dates, but also friends.

“When you look at the academy audience of Gen Z, they are eager to use the word, but I don’t want to use it, but I’m actually desperate to find friends,” she said on the call via alphusense. “Women in particular don’t join our products even in romantic relationships so they can find their community and friends.”

Share in the competition group (mtch) fall The dating app named the new CEO and offered a soft prospect earlier this month. It said it had 14.6 million paid users in the fourth quarter, down 4% year-on-year.

match It also takes advantage of users’ desire to bring friends to date. In the second quarter, it plans to “start testing its dual dating feature for users to match with other pairs of friends, which we hope is particularly appealing to women and seeking Gen Z for safer, lower stressful ways.”

Bumble stock has lost more than half of its value over the past 12 months, while game share has dropped by 8%.