Bumble Shares Are Down Almost 40% In Premarket And Gen Z, Millennials Are To Blame For Their Changing 'Tastes And Willingness'
Portfolio Pulse from Benzinga Neuro
Bumble Inc. (NASDAQ:BMBL) shares dropped nearly 40% in pre-market trading due to a significant cut in its annual revenue forecast. The company now expects only a 1-2% revenue increase, down from the previously anticipated 8-11%. This decline is attributed to changing consumer tastes and market saturation. Bumble's second-quarter revenues also fell short of analyst expectations, and the company is facing challenges including a falling stock price, layoffs, and new executive appointments.
August 08, 2024 | 10:56 am
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Bumble Inc. shares dropped nearly 40% in pre-market trading due to a significant cut in its annual revenue forecast. The company now expects only a 1-2% revenue increase, down from the previously anticipated 8-11%. This decline is attributed to changing consumer tastes and market saturation.
The sharp drop in Bumble's stock price is directly linked to the significant reduction in its annual revenue forecast and disappointing second-quarter earnings. The market's reaction reflects concerns over the company's growth prospects amid changing consumer preferences and market saturation.
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