The number of romance seekers increased on Tinder, the company got more revenue than expected

Match, the company that runs the popular dating app Tinder, has had its quarterly revenue exceed estimates. The reason for this is the increase in the number of people taking paid subscriptions of the app. The company’s better quarterly results have also led to a jump in its share price. This year has been a roller coaster ride for the company. Some of its senior executives have resigned and there have been problems with the new features of the app.

Rising inflation is also affecting the spending on apps. During July-September, Match’s revenue stood at around $810 million. Analysts had estimated this figure to be $793 million. 6 percent of Tinder’s revenue and its paid subscription users The number has increased by 7 percent. tinder But there is a return of a feature that allows users to swipe up from their desktop. However, the company has forecast growth to be flat in the fourth quarter. The company’s Chief Executive Bernard Kim and Finance Chief Gary Swidler said in a letter sent to shareholders that work is being done to improve the product. With a paid subscription to Tinder, users get more options for finding connections.

Match plans to deal with the slowdown by reducing staff costs and spending on marketing. The company’s stock has declined more than 66 percent this year. Match forecast revenue for the fourth quarter to be between $78-79 million. The company is expected to suffer a loss of around $14 million due to the stronger dollar. Some other companies in this segment have also forecast a decrease in revenue.

The company said that efforts are being made to fill the vacant post of CEO after the resignation of Renate Nyborg. Due to the slowdown, people are cutting down on unnecessary expenses. This is affecting companies in many sectors. This may reduce their profit and revenue in the coming quarters. Such products of the company have been more affected which are for low-income users. Some other companies in this segment have also forecast a decrease in revenue.

(This news has not been edited by NDTV team. It is published directly from syndicate feed.)

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