As the pandemic fades away, Bumble Inc (NASDAQ: BMBL) continues to produce. On July 24th, the first dating app for women who make the first move will open its own café and wine bar. Bumble Brew will be located in New York City and will be open to daters, networking professionals, and friends.
Bumble Brew is pleased to welcome you.
Its brick-and-mortar debut was first announced two years ago, with plans to open in Manhattan’s SoHo in fall 2019, but permit issues and then the pandemic pushed back the opening date. Bumble Brew is a collaboration between the internet platform, which went public in February after a $2.15 billion IPO, and Pasquale Jones, Delicious Hospitality Group’s Italian power-dining room. Bumble’s distinctive yellow will be used to decorate the venue. The restaurant will have an 80-seat dining room, as well as a cocktail bar, outdoor seating, and a private dining room. There will eventually be events like those held at Bumble Hive, a pop-up forerunner to Bumble Brew that offers courses as well as food and drinks.
A Modified Concept
Bumble Brew’s original focus was on “date-friendly” food that could be shared, which meant no sauce-laden burgers, spaghetti, or any meal that could cause shame and make the first date even more uncomfortable. The café, on the other hand, has been redesigned as a “safe space for healthy and equitable relationships and connections.” For those who have been stuck at home for too long, this translates to a more complete dining experience. Surprisingly, despite the popularity of online interaction during the pandemic, the company has noticed an increase in in-person interaction.
Morel mushroom omelets and grilled baby romaine with green goddess will be on the lunch menu, which will be largely Mediterranean and vegetable-focused. A dry-aged cheeseburger will be available at the bar, as will potentially messy pastas such spaghetti with summer zucchini and squid ink. Ricotta with bee pollen and plums, as well as wild greens with a runny egg, will be served for breakfast. In addition, there will be a comprehensive coffee program. To summarize, the menu selection was made with the goal of allowing dialogue to flow freely.
The Positives in the First Quarter of 2021
Bumble surpassed Wall Street expectations in its first quarterly report since going public, producing $165.6 million in revenue with 2.7 million paying members in the fourth quarter, up 32.5 percent from the fourth quarter of 2019.
The Negatives in the First Quarter of 2021
Despite highly good year-over-year comparisons, sequential growth has been sluggish in recent quarters. Paid user growth has also slowed significantly, which is a prelude to increased income. Despite growing by more than 20% in 2020, growth fell to less than 4% in the first quarter on a sequential basis. Aside from the present slowdown, Bumble has been unable to convert substantial pandemic-related growth into positive earnings, and will continue to lose money in 2020. Rather than improved operating performance, the large positive earnings result in the first quarter was due to a tax windfall. It resulted in a net loss of $113 million when that element was removed from the equation.
Outlook
The all-day dining establishment will open for breakfast first, then lunch on July 31st, and dinner on August 7th. The initial growth plan called for a second site in Austin, Texas, where the company’s headquarters reside.
The beauty of dating is that it is frequently a multifaceted experience. Despite the pandemic’s unique circumstances, people will eventually need to meet up in person, despite the fact that it is increasingly happening online. But, as we’ve all seen, it’ll never be enough, let alone replace actual contact, so the dating powerhouse’s latest move appears to be a step in the right direction.
Bumble CEO Whitney Wolfe Herd noted on the company’s most recent earnings call that friendship appears to be the next area of development. Bumble BFF and Bumble Bizz for platonic and professional relationships are already integrated as parallel services inside the company’s offerings, but it will be interesting to observe how they expand and, ideally, contribute to the company’s numbers.
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