AUSTIN - Bumble Inc. (NASDAQ: NASDAQ:BMBL), the parent company of several relationship-building platforms, announced today the appointment of Michael Affronti as the new Chief Product Officer (CPO). According to InvestingPro analysis, Bumble currently trades below its Fair Value, with a market capitalization of $876 million. Affronti, formerly of Salesforce (NYSE:CRM), steps into the role effective immediately, taking charge of product innovation and user experience for Bumble's suite of services.
Affronti's career includes significant experience in product development, having previously served as SVP and General Manager of Commerce Cloud at Salesforce. There, he was instrumental in leading the company's e-commerce business, which serves a global consumer base annually. His expertise extends to product-led growth initiatives, with a focus on artificial intelligence and machine learning from his tenure at Dataminr and Fuze. Affronti also boasts a decade at Microsoft (NASDAQ:MSFT), contributing to the development and strategy of widely-used applications like Office and Outlook.
The appointment comes after the departure of former CPO Ali Rayl last year. Bumble CEO Lidiane Jones expressed confidence in Affronti's ability to drive innovation and scale the company's platforms. The company maintains strong financial health with a current ratio of 2.09 and revenue of $1.08 billion in the last twelve months, growing at 6.26%. Jones anticipates a series of bold product innovations in 2025 and believes that Affronti's skill set will guide Bumble's product team effectively. Get deeper insights into Bumble's financial performance with InvestingPro, which offers exclusive analysis and 10 additional ProTips.
Bumble, established in 2014 with women's interests at its core, connects users for dating, friendship, and professional networking. The company also operates Bumble For Friends, Badoo, Fruitz, and Official, each offering unique avenues for creating meaningful connections.
The information in this article is based on a press release statement from Bumble Inc.
In other recent news, Bumble Inc. has been the subject of multiple analyst adjustments. Wolfe Research downgraded Bumble's stock rating from Outperform to Peerperform, citing concerns about operational risks and increasing competition in the online dating sector. Despite this, the company reported a slight revenue decline of 1% year-over-year in the third quarter, with revenue of $274 million and an EBITDA of $83 million, exceeding both consensus and analyst estimates.
In a strategic move, Bumble extended its credit facility maturity to 2026, providing the company with continued financial flexibility. Susquehanna maintained a Neutral rating on Bumble but raised the share price target from $6.00 to $8.00, citing the company's ongoing transformation of its core app. The firm also adjusted its future estimates for Bumble, largely maintaining the 2024 revenue estimate but increasing the EBITDA forecast by 1%.
Bumble announced leadership changes, including the appointment of Neil Shah as its new Chief Business Officer and the upcoming departures of CFO Anu Subramanian and CMO Selby Drummond. Amid these changes, Bumble reaffirmed its financial outlook for the fourth quarter and full year of 2024. These are the recent developments in Bumble's business operations and financial performance.
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