• Home
  • Apps
  • Apps News
  • Tinder's Paying Users Increase by 7 Percent as Match Forecasts Flat Q4 Revenue Amid Weak Economy

Tinder's Paying Users Increase by 7 Percent as Match Forecasts Flat Q4 Revenue Amid Weak Economy

Tinder's revenue increased by 6 percent, while its paying users rose by 7 percent, according to parent firm Match.

Tinder's Paying Users Increase by 7 Percent as Match Forecasts Flat Q4 Revenue Amid Weak Economy

Photo Credit: Facebook/ Tinder

The weakening global economy is hitting Match's brands

Highlights
  • Despite odds, tTnder revenue beat analyst estimates
  • Tinder revenue grew 6 percent amid the current economic slowdown
  • Match plans to tackle slowdown with reductions in employee expenses

Tinder parent Match topped quarterly revenue estimates as more users looking for matches and connections took paid subscriptions on dating app Tinder, sending the company's shares up 16 percent on Tuesday. The results are welcome news for the company which has been rocked this year by executive changes and analyst concerns about poor execution of new features on its dating apps. Spiralling inflation has also pressured spending on its apps. Despite the odds, the company's revenue came in at $810 million (roughly Rs. 6,700 crore) for the three months ended September 30, beating the average analyst estimate of $793 million (roughly Rs. 6,560 crore), according to Refinitiv data.

Tinder's revenue grew 6 percent and its paying users jumped 7 percent, aided by the return of a feature that lets users swipe right and left from their desktops. The company, however, forecast flat growth in fourth-quarter revenue for Tinder.

"Product execution is already improving," Chief Executive Bernard Kim and finance chief Gary Swidler said in a letter to shareholders.

But they warned that a weakening global economy was hitting Match's brands that serve lower-income consumers, while also weighing on discretionary spending across its apps.

Match plans to tackle the slowdown with reductions in headcount-related expenses and marketing spend and expects to have flat margins in 2023.

Shares of the company were trading at $51.21 (roughly Rs. 4,240) in extended trading. They have declined 66.1 percent so far this year.

Match forecast fourth-quarter revenue between $780 million (roughly Rs. 6,450 crore) and $790 million (roughly Rs. 6,540 crore), below market estimates of $809.2 million (roughly Rs. 6,700), as it expects to take an additional $14 million (roughly Rs. 115 crore) hit from a stronger US dollar than it had previously expected.

The company added that a search was ongoing for Tinder CEO, a position vacant since the sudden departure of Renate Nyborg in August.

© Thomson Reuters 2022


What are the best smartphones you can buy in India under Rs. 30,000? There are a handful of options that we've discussed on this week's episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Tinder, Match
Central Bank Digital Currency Set to Transform the Way Business Is Done, RBI Governor Says
Featured video of the day
Corning Launches the Next Generation of Glass
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.