Please select the second broker

Author: Alan LittleDate: 2022-03-10

Bumble (BMBL) shares up 42% on strong Q4 earnings, Russia ban

Dating app Bumble (BMBL) surged 42% in trading on Wednesday after it posted a Q4 earnings beat and said that it would cease activity in Russia.

Bumble (BMBL) shares were buzzing on Wednesday after the online data app flew past the Wall Street consensus in Q4 and promptly received a flurry of upgrades from analysts.

Bumble slumped to all-time lows last week as investors got cold feet about the company’s presence in Russia and feared that it may not live up to expectations in the latest quarter.

Both of those concerns were dismissed emphatically in midweek as Bumble banned all activity in Russia due to its war with Ukraine and posted a strong bottom-line beat as earnings per share rose to $0.08.

Total sales also surpassed a $200m milestone, while the total number of paying users jumped 29% to 1.6 million and average revenue from those users advanced 14% to $22.83.

While Bumble’s decision to cease activity in Russia and Belarus will hit revenue by $20m, it still expects to bring in around $934m to $944m over the current financial year.

Cowen was among the banks that upgraded its rating for BMBL after the report and news about Russia.

Its move from market perform to outperform was driven by the strength of the latest results and its belief that online dating will get a boost now that the pandemic appears to be nearing its end.

However, it wasn’t all good news for Bumble as five analysts cut price targets, though Cowen was an outlier with its $2 increase to $38.

BMO Capital Markets’ Daniel Salmon expects further “international expansion milestones and new bundle launches” to be catalysts for growth.

While Bumble was due a stock rally after its recent pullback, the 41.3% gains on Wednesday were impressive as it rose to $23.55 on the Nasdaq.

Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.