David Brown

Bumble has just reported its first quarterly earnings as a public company.

And on paper, the results look as bright as a sunflower.

Revenue is up more than 100% year over year, hitting nearly $171 million.

Paying users are up 30%.

This beats analysts' expectations, but the market doesn't care.

After the opening bell, Bumble shares fall nearly 6%.

This continues a slide that began three months earlier, after the stock briefly peaked at $84.80.

Since then, nearly half of Bumble's market value has vanished.

The problem for investors isn't the current quarter.

It's the future.

See, here's the thing.

While investors love a great story, markets also punish uncertainty.

Bumble's pitched its pandemic surge as a breakout moment.

Great story, right?

But as many an investor has learned the hard way, when everyone's celebrating a story, you've got to be asking, so what comes next?

And on this count, Bumble is fumbling around for a credible answer.

Investors are concerned that Bumble's pandemic boom is already fading.

During lockdowns, dating apps became a lifeline for isolated singles.

But as vaccines roll out and the world reopens, people are leaving their screens behind.

And this prompts a new question.