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Bumble Inc. (BMBL-2.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $273.6 million, a slight decrease from $275.5 million in the same quarter the previous year. Bumble App Revenue was $220.2 million, down from $221.8 million, while Badoo App and Other Revenue was $53.4 million, compared to $53.7 million.
Cost of revenue for the quarter was $79.6 million, representing 29.1% of revenue, consistent with the previous year. Selling and marketing expenses decreased to $63.5 million from $68.8 million, while general and administrative expenses were reduced to $33.3 million from $48.6 million.
Product development expenses were $24.9 million, down from $30.9 million. Depreciation and amortization expenses increased slightly to $18.3 million from $17.1 million.
An impairment loss of $892.2 million was recorded, impacting net earnings, which resulted in a net loss of $849.3 million, compared to net earnings of $23.1 million in the previous year.
Interest expense increased to $9.8 million from $5.3 million, attributed to higher interest rates on outstanding debt. Other income was $2.9 million, up from $0.3 million, primarily due to foreign exchange gains.
Net cash provided by operating activities was $128.8 million, compared to $118.7 million in the previous year. Cash used in investing activities was $23.6 million, and cash used in financing activities was $207.7 million.
Bumble had a working capital of $383.3 million as of September 30, 2024. The company completed a restructuring plan, incurring $20.4 million in charges, and acquired Geneva Technologies, Inc. for $17.5 million.
The filing also details the impact of macroeconomic conditions and the company's strategic initiatives, including a share repurchase program with $119.0 million remaining as of September 30, 2024.
Bumble's management continues to monitor the effects of economic conditions and strategic shifts on its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bumble Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.