Bumble Inc. (NASDAQ:BMBL) shares surged by more than 12% Thursday afternoon following the release of the company's robust first-quarter financial results.

What To Know: Bumble reported impressive first-quarter 2024 results, outperforming expectations across key metrics. The company posted EPS of 19 cents, surpassing estimates of 7 cents by 171.43%, while sales of $267.77 million exceeded expectations of $242.9 million by 0.87%.

Bumble saw total revenue increase by 10.2%, with Bumble App revenue growing by 11.1% to $215.8 million. Notably, paying users expanded to 4 million, contributing to adjusted EBITDA of $74 million.

Bumble's strong performance drove a surge in the company's stock following the announcement. CEO Lidiane Jones emphasized the strides made in unlocking the next phase of growth, focusing on customer-centric innovations to enhance the online dating experience.

What's Ahead: Bumble anticipates second-quarter revenue between $269 million and $275 million, versus estimates of $278.63 million. Bumble App revenue is projected at $218 million to $222 million. Adjusted EBITDA is expected to range from $69 million to $73 million. For full-year 2024, the company is targeting total revenue growth of 8% to 11% and Bumble App revenue growth of 9% to 11%, with adjusted EBITDA margin growth of at least 300 basis points.

Analyst sentiment remains positive, with Evercore ISI Group reiterating an Outperform rating and raising the price target to $18 following the print. Goldman Sachs maintained a Buy rating, but lowered its price target to $15 and Deutsche Bank maintained a Hold rating and cut its price target to $13.

Bumble's stellar financial performance and robust forward guidance underscore its position for continued success in the online dating landscape.

BMBL Price Action: Bumble shares were up 12.34% at $11.47 at the time of publication, according to Benzinga Pro.

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