Bumble Shares Plummet as Revenue Forecast is Slashed

The dating app company faces investor concerns after lowering its annual revenue growth expectations and missing quarterly estimates.

Bumble's stock dropped over 30% after the company reduced its full-year revenue growth forecast from 8-11% to 1-2%.
Second-quarter revenue fell short of estimates, with a total of $268.6 million compared to the expected $273 million.
The number of paying users increased to 4.1 million, but average revenue per user declined from $23.23 to $21.37.
Bumble's efforts to attract younger users and expand its Premium Plus subscription have not yielded the desired results.
Analysts express concerns over the effectiveness and timeline of Bumble's new strategic initiatives.