These Analysts Cut Their Forecasts On Bumble After Weak Q4 Results
Portfolio Pulse from Avi Kapoor
Bumble Inc. (NASDAQ:BMBL) reported lower than expected Q4 results, with a quarterly loss of 19 cents per share against an estimate of 12 cents, and sales of $273.64 million versus the expected $275.29 million. The company announced a workforce reduction of 350 roles and provided revenue forecasts for Q1 and the full year 2024, projecting 8% to 11% growth. Following the report, Bumble's shares fell 13.3%, and analysts from Keybanc, JP Morgan, Piper Sandler, and Morgan Stanley adjusted their price targets downwards.
February 28, 2024 | 5:58 pm
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Bumble Inc. reported disappointing Q4 results, announced a significant workforce reduction, and provided future revenue forecasts. Shares dropped 13.3% following the announcement, and analysts revised their price targets downwards.
The negative earnings report, coupled with the workforce reduction and the subsequent drop in share price, indicates a short-term negative impact on BMBL's stock. Analysts' downward revisions of price targets further support the expectation of a bearish short-term outlook.
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