After Bumble Inc. (NASDAQ: BMBL) said that sales could rise by more than 23% in 2022, the company’s shares rose by 19% before the market opened. That’s a lot of growth for a company that has a lot of exposure to Russia and is planning to leave that market.(NASDAQ:
According to Bloomberg, Bumble employs a significant chunk of its technical expertise in Russia, and its Badoo app receives 12% of its monthly users from the nation. The wire service said that the firm employs 120 people in Moscow.
Revenue for the current year is expected to be between $934 million and $944 million, up from almost $767 million in 2021.
It doesn’t matter that the company has taken all of its apps off of the stores in Russia and Belarus.
The full-year prediction includes a revenue loss of about $22 million from Russia, Ukraine, and Belarus, mostly affecting Bumble’s Badoo app. Sales from the three countries together made up about 2.8% of Bumble’s annual revenue.
According to the business, adjusted operating margins could fall a little in 2021, from 27.1 percent to 26.5 percent. This is down from 27.1 percent in 2021.
The epidemic of COVID-19 increased the usage of dating apps, as individuals confined to their homes utilized virtual platforms to meet new people and build new personal and professional ties. Even when the economy improves, the pandemic-caused rise in users keeps going, and people are simply paying more for the service.
Total paid users increased 11% to 2.98 million, despite a fall in Badoo users. The average revenue per user increased by over $2.81 to around $23.
Revenue increased around 26% to $208 million in the fourth quarter, while the net loss virtually halved to under $15 million.
