The popular online dating app Bumble (NASDAQ: BMBL) shares commenced trading on the NASDAQ stock exchange on February 11th under the symbol $BMBL. The Bumble app is open to those who are looking to date, find friendships or even business connections. The company annual revenue has grown from $100 million in 2017 to $417 million in the first 9 months of 2020.
Bumble offered 50 million shares at a price of $43 each, allowing it to raise more than $2.1 billion. The stock jumped 63.51% to $70.31 dollars in its first trading session, given the company a market capitalization of $13 billion. On Friday, the Bumble shares climbed another 10% higher to $84. Overall, the stock increased by more than 75% since the IPO launched.
“The world has recognized the power of online dating, and the world is about to recognize the power of finding community and connections around whatever you’re looking for on the internet.” – CEO Whitney Wolfe said.
Since Bumble’s launch, the dating app has grown to 100 million users in more than 150 countries and 42 million active monthly users, as of the third quarter of 2020. The app gets most of its revenue from in-app purchases and different subscription offerings like Bumble Boost and Bumble Premium. Bumble also operates dating app Badoo, which launched in 2006 and is used widely in Europe and Latin America.