After it reported a bigger-than-expected rise in fourth-quarter revenue, Bumble Inc revealed that it expects a pent up demand from people who avoided dating in person due to the COVID-19 pandemic.
The company said it will build its friendship product Bumble BFF beyond its minimum viable offering as it expects friendships and platonic relationships at large to be a massive opportunity going forward. Texas-based Bumble expects present quarter revenue to be in the range of $163 million and $165 million.
According to data from analytics firm Apptopia, during the quarter, Bumble 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.
To tighten the competition with it’s biggest rival Tinder, the company has demanded women to make the first move. It also has verticals like Bumble BFF and Bumble Bizz that are dedicated to make friendships and professional connection. Founded by Tinder co-founder Whitney Wolfe Herd, Bumble raised $2.2 billion in its initial public offering last month.