Shares of Bumble Inc. (BMBL) plunged over 8% in after-hours trading on Monday, November 6, 2024, after the online dating company reported a massive impairment charge and provided disappointing revenue guidance for the fourth quarter.

For the third quarter of 2024, Bumble posted a net loss of $849.3 million, or $5.11 per share, compared to a profit of $16.7 million, or $0.12 per share, in the same period last year. The staggering loss was primarily due to a $892.2 million non-cash impairment charge related to the company's intangible assets and goodwill, triggered by a sustained decline in its stock price and market capitalization.

Despite reporting Q3 revenue of $273.6 million, which slightly exceeded analyst estimates, Bumble's guidance for the fourth quarter fell short of expectations. The company projected Q4 revenue in the range of $256 million to $262 million, lower than the consensus analyst estimate of around $260 million.

Bumble acknowledged that its efforts to reimagine the user experience, strengthen the ecosystem, and drive revenue growth aligned with its value proposition will take multiple quarters to materialize. The company is making significant investments in marketing, product development, and technology to support its long-term growth plans, which may impact profitability in the near term.

The disappointing Q4 revenue outlook and the recognition that Bumble's turnaround efforts will take time raised concerns among investors about slowing growth and user engagement on the company's dating platforms, leading to the sharp sell-off in the after-hours trading session.