Shares of
Bumble
traded down Monday after the dating app said CEO Whitney Wolfe Herd is stepping down after nearly 10 years of shepherding the company.
Herd, who also co-founded the dating app Tinder, established Bumble (ticker: BMBL) in 2014 with the aim of empowering women in their relationships. On Jan. 2, Lidiane Jones, who is currently the CEO of Slack Technologies, a
Salesforce
(CRM) company, will take over as Bumble’s CEO.
“It’s a monumental moment, one that has taken a great deal of time, consideration and care, for me to pass the baton to a leader and a woman I deeply respect, ” Wolfe Herd said. She will become Bumble’s executive chair.
Bumble stock fell 6.4% to $12.80 on Monday. It had marked gains on Thursday and Friday. The company was a Barron’s stock pick in November 2022.
Shares of the Austin, Texas-based company are off 35% this year.
Excluding one-time charges, Bumble reported five cents per share in profit for the second quarter, slightly ahead of the consensus call for four cents among analysts tracking the stock on FactSet. It reported losses of one cent and 85 cents in the first and fourth quarter, respectively. Analysts had expected it to break even in both quarters.
Bumble reports its third-quarter earnings on Tuesday after the market closes.
Write to Karishma Vanjani at [email protected].
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