These Analysts Cut Their Forecasts On Bumble After Weak Q4 Results

Author: Avi Kapoor | February 28, 2024 01:58pm

Bumble Inc. (NASDAQ:BMBL) reported downbeat results for its fourth quarter on Tuesday.

Bumble reported quarterly losses of 19 cents per share which missed the analyst consensus estimate of 12 cents per share. The company reported quarterly sales of $273.64 million which missed the analyst consensus estimate of $275.29 million, according to data from Benzinga Pro.

Bumble also announced it will reduce its workforce by 350 roles as part of a transformation plan.

“Today, we announced solid full-year results and a bold plan to transform Bumble and lead the company to its next phase of growth and innovation,” said Lidiane Jones, CEO of Bumble.

Bumble expects first-quarter total revenue of between $262 million and $268 million, with Bumble App revenue between $211 million and $215 million. The company expects full year 2024 total revenue growth of 8% to 11% and Bumble App revenue growth of 9% to 11%.

Bumble shares dipped 13.3% to trade at $11.43 on Wednesday.

These analysts made changes to their price targets on Bumble after the company reported quarterly results.

• Keybanc cut the price target on Bumble from $20 to $18. Keybanc analyst Justin Patterson maintained an Overweight rating.
• JP Morgan slashed the price target on Bumble from $20 to $17. JP Morgan analyst Cory Carpenter maintained an Overweight rating.
• Piper Sandler cut the price target on Bumble from $14 to $13. Piper Sandler analyst Matt Farrell reiterated a Neutral rating.
• Morgan Stanley slashed the price target on Bumble from $17 to $16. Morgan Stanley analyst Brian Nowak maintained an Equal-Weight rating.

 

Now Read This: Snowflake Gears Up For Q4 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Posted In: BMBL