(Reuters) -Bumble on Wednesday posted an 8.7% decline in paying users for second-quarter, signaling that the dating app’s turnaround is taking longer than expected.
Shares of the Austin, Texas-based company fell about 13% in extended trading.
Total paying users decreased by 8.7% to 3.8 million in the second-quarter ended June 30.
Across the online dating industry, companies are seeking to combat “dating fatigue” by integrating AI and enhancing security.
However, Bumble has lagged behind in launching innovative features, particularly as Gen Z users continue to move away from traditional dating apps in search of more engaging experiences.
The company posted second quarter revenue of $248.2 million, compared with analysts’ average estimate of $245.1 million, according to data compiled by LSEG.
The company also appointed Kevin Cook as its new chief financial officer, effective August 12, succeeding interim CFO Ronald J. Fior.
(Reporting by Kritika Lamba in Bengaluru; Editing by Leroy Leo)
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