** Shares of dating apps operator Bumble BMBL.O plummet ~17.04% to $6.72 premarket
** Bumble forecast its first-quarter revenue below analysts' estimate on Tuesday, signaling that its efforts to boost growth are taking longer than expected to reap results
** Online dating apps have been grappling with declining user engagement and customer spending on their platforms amid a lack of new features and pressures from still-high inflation
** At least seven brokerages cut PT following results, according to data compiled by LSEG
** RBC believes that COVID-19 has had an adverse social effect on some portion of "would-be daters", leading to reduced engagement with dating apps across the industry; cuts PT to $7 from $8
** Bumble's redesign efforts to improve user engagement, quality, and authenticity are facing challenges that will take several quarters to overcome- RBC
** J.P.Morgan does not expect Bumble's Q1 to get a boost from the new product release in mid-March; cuts PT to $7 from $8
** Avg. rating of 21 analysts is "hold"; median PT $8 - LSEG
** BMBL stock fell ~44.8% in 2024
(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.