Bumble Inc. Reports $1.07 Billion Revenue and $768.4 Million Net Loss for 2024

Bumble Inc. reported total revenue of $1.07 billion for the year ended December 31, 2024, a slight increase from $1.05 billion in 2023. This growth was driven by an increase in total paying users, partially offset by a decline in total average revenue per paying user (ARPPU) and unfavorable foreign currency exchange rate fluctuations. Bumble App revenue increased to $866.3 million from $844.8 million in 2023, primarily due to a rise in paying users, while Badoo App and Other revenue decreased to $205.4 million from $207.1 million, mainly due to a decline in ARPPU. The company reported a net loss of $768.4 million for 2024, which includes $892.2 million in non-cash impairment charges, compared to a net loss of $1.9 million in 2023. Adjusted EBITDA was $304.1 million in 2024, down from $275.6 million in 2023.

Significant changes in 2024 included a 30% reduction in the global workforce as part of a restructuring plan, resulting in $20.4 million in non-recurring charges. The company also acquired Geneva Technologies Inc. for $17.5 million in cash, and announced plans to discontinue the Fruitz and Official apps in the first half of 2025. Key operating metrics showed 2.8 million Bumble App paying users and 1.3 million Badoo App and Other paying users at the end of 2024. The company's key operating metrics exclude paying users and revenue from Official, advertising, partnerships, and affiliates, except for Fruitz, which was included starting in the fourth quarter of 2023. Geneva did not generate revenue in 2024.

During the year, Bumble repurchased 25.1 million shares of Class A common stock and 2.0 million Common Units for $214.4 million (excluding excise taxes). A share repurchase program, initially authorized for $150 million, was increased to $450 million by May 2024. As of January 31, 2025, $64.7 million remained available under the program. The company also completed a secondary offering of 13.75 million shares of Class A common stock in March 2023, with the proceeds going to selling stockholders, not Bumble Inc. As of January 31, 2025, Bumble Inc. had 105,545,584 shares of Class A common stock outstanding and 20 shares of Class B common stock outstanding.

The company's financial performance was impacted by several factors, including a new growth strategy focused on customer value and operational optimization, changes in monetization strategies, expansion into new geographic markets, and investments in technology and product innovation. The company also noted the impact of macroeconomic conditions, including geopolitical events and fluctuations in foreign currency exchange rates. A material weakness in internal controls related to foreign currency translation was identified, though it did not result in material misstatements to the financial statements.

Bumble's outlook for the future includes continued investment in technology, marketing, and product innovation to drive growth while improving margins. The company anticipates the discontinuation of Fruitz and Official apps will result in a one-time charge in the first half of 2025, which is not expected to be material. The company also highlighted various risks, including competition, regulatory changes, cybersecurity threats, and the impact of its substantial indebtedness.