Bumble Inc. has projected its first-quarter revenue to fall short of analysts’ expectations, forecasting between US$242 million and US$248 million.

This range is below the average estimate of US$256.9 million from LSEG, leading to an 11% decline in the company’s shares during extended trading on Feb. 19.

The Austin, Texas-based dating app provider reported a 4.4% decrease in fourth-quarter revenue, totaling US$261.6 million.

Additionally, the number of paying users for the Bumble app fell to 2.8 million in the fourth quarter, a decline of 57,000 from the previous quarter.

This decline coincides with reduced user engagement and spending among online dating platforms.

Recent Bumble developments