Tag: Wolfe

Bumble said Friday founder Whitney Wolfe Herd was returning as CEO in March and that the struggling dating app operator expects to exceed its fourth-quarter revenue forecast.

Wolfe Herd, executive chair of Bumble, will take the reins from Lidiane Jones, who steps down after a tenure of about a year that was marked by a nearly 50% decline in the company’s shares.

Sticky inflation and a lack of major new features have hit growth at dating app operators including bigger rival Tinder-owner Match Group after a post-pandemic boom, leading to executive shake-ups at the companies.

Bumble last month announced the departures of finance chief Anu Subramanian, who played a key role in its initial public offering in 2021, as well as marketing head Selby Drummond.

The company announced more changes on Friday, including lead director Ann Mather’s appointment as chair of Bumble’s board.

It also said its fourth-quarter adjusted core profit would be within the previously disclosed range.

Shares of the company closed down 1.6% at $7.70.

The company in November forecast fourth-quarter revenue between $256 million and $262 million, and adjusted core profit between $70 million and $73 million.

The forecast followed its first decline in quarterly sales since going public in 2021, and was a warning that the company would take longer to boost its sluggish growth rate.

Bumble last year launched a refreshed Bumble app and new features, but the efforts are yet to gain traction, especially among Gen Z, an important group for advertisers.