Bumble Inc is a dating app and has recently received considerable success in the stock market. Their investors have swiped right on this dating app operator on 11th February 2021, Thursday and sent their shares up by almost 70% as soon as they made their public debut.
On midday Thursday, the Bumble stock (BMBL) started from $76 before it dropped a little to about $72.83. The initial public offering of the company was valued at approximately $43 for each share on late Wednesday. This recently increased range was enough for Bumble Stock to acquire $2.2 billion by means of their IPO.
Bumble Stock Takes On Other Big Companies
Bumble also runs a dating app under the same name along with sections of that app assists users in finding platonic friends as well as socialize virtually. The users are required to swipe right to connect and network through the potential profiles. BMBL makes money as and when the users pay for their premium features that enable them to see the profiles of those who have already liked them.
In addition, Bumble operates another popular dating app for the European market named Badoo.
BMBL promotes its sites and apps based on women empowerment whereby women are required to make the first move and initiate the new connections. Whitney W. Herd, Chief Executive of BMBL, has stated that they have the opportunity to become a reliable and famed women’s brand on a global platform.
The company has successfully managed to generate $416.6 million in revenue in the first 9 months of 2020. Their revenue in 2019 was $362.6 million. Bumble also saw an increase in its number of users to 2.4 million from 2.1 million in the preceding year.
They are becoming public and this news resulted in a 40% gain within 3 months while the S&P 500 raised by 10%.