Bumble Inc. BMBL disappointed investors with its fourth-quarter results that were released on Tuesday.
Bumble reported quarterly losses of 19 cents per share, falling below the analyst consensus of 12 cents per share. The firm also reported quarterly sales of $273.64 million, missing the anticipated $275.29 million estimate from analysts at Benzinga Pro.
In response to the lackluster results, Bumble disclosed that it intends to cut 350 positions as part of a significant transformation strategy.
“Today, we disclosed solid full-year outcomes and an ambitious blueprint to revamp Bumble and guide the firm towards its next chapter of expansion and ingenuity,” stated Lidiane Jones, the CEO of Bumble.
Bumble forecasts a first-quarter total revenue ranging from $262 million to $268 million, with Bumble App revenue varying between $211 million and $215 million. The firm anticipates a total revenue growth of 8% to 11% and app revenue growth of 9% to 11% for the full year 2024.
Bumble shares dropped by 13.3%, settling at $11.43 on Wednesday.
Following the quarterly report, several analysts adjusted their price targets for Bumble.
- Keybanc reduced Bumble’s price target from $20 to $18 while maintaining an Overweight rating, as suggested by analyst Justin Patterson.
- JP Morgan lowered the price target from $20 to $17 with analyst Cory Carpenter affirming an Overweight rating.
- Piper Sandler decreased the price target from $14 to $13 and kept a Neutral rating, according to analyst Matt Farrell.
- Morgan Stanley revised the price target from $17 to $16 and maintained an Equal-Weight rating, as stated by analyst Brian Nowak.
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