Bumble Inc. may never have the broad appeal of dating giant Match Group , Inc., but it is looking more lovable. Since going public in February, its share price has dropped 54% from where it opened on its first day of trading. Over just the last three months, it is down 36%, while Match’s share price has fallen less than 2%.
Bumble was founded to turn dating on its head, empowering women to make the first move in an attempt to curb aggressive or unwanted advances from men online. The “woke” message resonated with investors initially but, including the lesser buzzed-about Badoo, Bumble has just two dating apps compared with Match’s more than 10 brands. A survey earlier this year from Evercore ISI found that, of males and females using both apps, a significantly higher percentage of both groups were more satisfied with Tinder.