Bumble sees decline in paying users as focus on 'better swipes' yet to pay off
(Reuters) -Bumble on Wednesday posted an 8.7% decline in paying users for second-quarter, signaling that the dating app's turnaround is taking longer than expected.
Shares of the Austin, Texas-based company fell about 13% in extended trading.
Total paying users decreased by 8.7% to 3.8 million in the second-quarter ended June 30.
Across the online dating industry, companies are seeking to combat "dating fatigue" by integrating AI and enhancing security.
However, Bumble has lagged behind in launching innovative features, particularly as Gen Z users continue to move away from traditional dating apps in search of more engaging experiences.
The company posted second quarter revenue of $248.2 million, compared with analysts' average estimate of $245.1 million, according to data compiled by LSEG.
The company also appointed Kevin Cook as its new chief financial officer, effective August 12, succeeding interim CFO Ronald J. Fior.
(Reporting by Kritika Lamba in Bengaluru; Editing by Leroy Leo)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
23 minutes ago
- The Star
China extends probe on imported beef in respite for global suppliers
BEIJING/CHICAGO: China has extended for three months an investigation period for beef imports, the commerce ministry said on Wednesday (Aug 6), giving global suppliers a breather from the prospect of trade curbs as the domestic industry battles to reduce a supply glut. The inquiry, launched last December, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. Trade measures to reduce imports could hit major suppliers such as Argentina, Australia and Brazil, after China has already restricted imports from the United States. The investigation will now run until Nov 26, the ministry said, citing "the large volume of investigative work and the complexity of the case". It also pledged to ensure a "healthy and stable" global trade environment by communicating with all parties. "It's definitely a relief to beef exporters," said Even Rogers Pay, agriculture analyst at Trivium China. "The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters." Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been "generally profitable" for three consecutive months. China imported a record 2.87 million metric tonnes of beef in 2024, but imports of 1.3 million metric tonnes for the first half of 2025 were down 9.5% on the year. China has restricted imports of American meat by not renewing registrations that permitted shipments from hundreds of US beef facilities after they expired in March, according to the US Meat Export Federation, an industry group. "The vast majority of our plants aren't eligible to ship to China presently," federation spokesperson Joe Schuele said. "While the safeguard investigation is important, it's not at the top of our minds. The most urgent situation is to get our plants registered for China." Without exports to China, the federation estimated the US beef industry's lost opportunities at about US$4 billion annually. "Consistent and transparent plant approvals, without expiration, were among the most important components of the 2020 Phase One Agreement with China," federation President Dan Halstrom said, referring to the trade pact signed during US President Donald Trump's first term. "It's time for China to return to those commitments." - Reuters
The Sun
an hour ago
- The Sun
Taiwan exempts TSMC from Trump's 100% semiconductor tariffs
TAIPEI: Taiwanese officials confirmed that Taiwan Semiconductor Manufacturing Company (TSMC) will not be subject to former US President Donald Trump's proposed 100% tariff on semiconductor chips. National Development Council chief Liu Chin-ching stated TSMC's exemption is due to its existing manufacturing facilities in the US. 'Because Taiwan's main exporter is TSMC, which has factories in the United States, TSMC is exempt,' Liu said during a parliamentary briefing. Other Taiwanese chipmakers will still face the full tariff, though Liu noted competitors would be equally affected. 'Taiwan currently holds a leading position in the world and I believe that if the leader and competitors are on the same starting line, the leader will continue to lead,' he added. The government plans to monitor the situation and provide short-term and medium-term support measures. Trump announced the tariff plan at the White House, stating it would apply a 100% levy on imported chips and semiconductors. He did not specify when the policy would take effect but clarified exemptions for companies with US-based production. TSMC, the world's largest contract chipmaker, supplies major tech firms like Nvidia and Apple. Taiwan produces over half of the world's semiconductors and nearly all high-end chips. Trump has previously accused Taiwan of undermining the US chip industry, despite TSMC's planned $100 billion US investment. Taiwan has also committed to increased US energy purchases and higher defence spending to mitigate trade tensions. A temporary 20% tariff on other Taiwanese goods remains in place as negotiations continue. - AFP
The Sun
an hour ago
- The Sun
U.S. Open announces record $90 million prize money
THE U.S. Open announced $90 million in prize money will be on offer at this year's final major, marking the largest purse in tennis history, up 20% from 2024. Top players in the ATP and WTA called for more equitable distribution of revenue at the four Grand Slams this year, as those at the top of the game are able to benefit from increased prize money while players at the lower levels often struggle. The U.S. Open prize pool is up from $75 million in 2024, the previous highest-ever purse. Men's and women's singles winners will earn $5 million each, up from $3.6 million last year. The tournament will also see double-digit percentage increases across all rounds in all events, after 'years of a strategic focus on redistribution to the early rounds and qualifying tournament,' organisers said. Singles action at the U.S. Open has been expanded to 15 days, amid booming attendance, and will take place from August 24 to September 7. A new format in the mixed doubles is being introduced this year, with the event featuring many big-name singles players as it will be taking place over two days in the week before the main competition kicks off at Flushing Meadows. U.S. Open attendance topped one million fans for the first time in 2024 - REUTERS
