Bumble CFO reiterated trends remain soft in Q3, says Citi

Citi analyst Ygal Arounian says Bumble CFO Anu Subramanian reiterated at the firm’s conference that top of funnel trends have remained soft into Q3, even after the relaunch of the Bumble app back in May. While the relaunch did drive better engagement trends, the soft top of funnel led to management’s decision to revamp its strategy, the analyst tells investors in a research note. The firm notes Subramanian reiterated the three key pillars of its strategy, which include rebalancing its ecosystem, improving the user experience, and monetization. Citi keeps a Neutral rating on Bumble with a $6 price target.