On January 17, Bumble announced that founder Whitney Wolfe Herd will resume her role as CEO in March. The dating app company anticipates surpassing its fourth-quarter revenue projections. Wolfe Herd, currently the executive chair, will replace Lidiane Jones, who oversaw a period of declining company stock.
Challenges posed by persistent inflation and a lack of innovative features have impacted the growth of dating app companies, such as major competitor Match Group, following the initial surge during the pandemic. Consequently, there have been leadership changes within these organizations.
Bumble recently saw the departure of key executives including CFO Anu Subramanian and Marketing Director Selby Drummond. Furthermore, the company announced the appointment of Ann Mather as the new chair of Bumble's board.
Despite these changes, Bumble anticipates meeting its previously disclosed fourth-quarter financial targets. The company's shares were up by 1.3% in early trading.
In November, Bumble projected fourth-quarter revenue to range between $256 million and $262 million, with adjusted core profit between $70 million and $73 million. This forecast was influenced by a decline in quarterly sales post its 2021 IPO, signaling a slower pace in the company's growth trajectory.
Bumble introduced a revamped app and new features in the past year to attract users, especially among Gen Z, a key demographic for advertisers, but these initiatives are still working to gain widespread appeal.