Bumble Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant challenges and strategic developments. Total revenue for the third quarter was $273.6 million, a slight decrease from $275.5 million in the same period of 2023. However, for the nine months, revenue increased to $810.0 million from $778.2 million year-over-year. The Bumble App generated $220.2 million in the third quarter, down from $221.8 million, while for the nine months, it rose to $653.9 million from $624.0 million.

The company faced substantial operating losses, reporting an operating loss of $(838.2) million for the third quarter, compared to operating earnings of $30.0 million in the prior year. The net loss for the third quarter was $(849.3) million, which included an impairment loss of $892.2 million, contrasting sharply with net earnings of $23.1 million in the same quarter of 2023. For the nine months, the net loss was $(777.7) million, down from net earnings of $30.1 million in the previous year.

Bumble's total assets decreased to $2.59 billion as of September 30, 2024, from $3.63 billion at the end of 2023. Cash and cash equivalents also fell to $252.1 million from $355.6 million during the same period. The company’s total liabilities decreased to $1.22 billion, down from $1.29 billion at the end of 2023.

Strategically, Bumble completed the acquisition of Geneva Technologies, Inc. on July 1, 2024, for $17.5 million, aimed at enhancing its technological capabilities. Additionally, a restructuring plan announced in February 2024 led to a reduction of approximately 350 roles, incurring costs of about $20.4 million. As of September 30, 2024, the remaining restructuring liability was $1.3 million.

Bumble's share repurchase program, initially set at $150 million in May 2023, was increased to $450 million by May 2024. During the third quarter, the company repurchased 14.2 million shares for $89.7 million, and for the nine months, it repurchased 19.5 million shares and 2.0 million Common Units for a total of $174.1 million.

The company also reported a decrease in stock-based compensation expenses due to terminations related to the restructuring plan. Adjusted EBITDA for the third quarter was $82.6 million, reflecting an adjusted EBITDA margin of 30.2%, compared to $75.3 million and a margin of 27.3% in the prior year.

Overall, Bumble Inc. is navigating a challenging financial landscape while implementing strategic initiatives aimed at long-term growth and operational efficiency.