Bumble Inc reported a 31.1% rise in fourth-quarter revenue on Wednesday, as people bored at home turned to online dating during the pandemic.
Social distancing restrictions that made casual gatherings with friends and family a rarity, plunged people into loneliness and sent them looking for company online, benefiting dating apps.
Bumble, unique for its “women-first approach”, boasted of 12.7% of the U.S. dating market, with close to 5.5 million average monthly active users and 2.2 million downloads in the United States alone, during the quarter, according to data from analytics firm Apptopia.
The company posted revenue of $165.6 million in the quarter, compared with $126.3 million a year earlier.
Net loss widened to $26.1 million, or 1 cent a share, from $17.2 million.
Reporting by Tiyashi Datta and Sohini Podder in Bengaluru; Editing by Shinjini Ganguli; Reuters