Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Tinder-owner Match issues dour forecast; shares tumble

Published Oct 31, 2023 04:52PM ET Updated Oct 31, 2023 06:16PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The dating app Tinder is shown on a mobile phone in this picture illustration taken September 1, 2020. Picture taken September 1, 2020. REUTERS/Akhtar Soomro/Illustration/File Photo
 
MTCH
+2.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - Tinder-owner Match Group (NASDAQ:MTCH) on Tuesday forecast fourth-quarter revenue below estimates, as stubborn inflation and unrest in some markets weigh on growth at some of its major dating platforms, sending its shares down nearly 8%.

The company said it expected total revenue between $855 million and $865 million for the quarter ending December, which includes the impact of a strong dollar and risk to revenue from Israel.

Analysts were expecting $895.2 million, according to LSEG data.

U.S. consumers are wary of spending on discretionary items such as dating app subscriptions due to economic uncertainties, also prompting advertisers to keep their spending tight. That has, in turn, impacted its dating platforms, which include Hinge, OKCupid, and Plenty of Fish. Tinder, its largest brand, grew revenue by 7% last year compared to its chief rival Bumble, which expanded its top line at twice that rate.

To revive growth in its main apps and counter the threat from Bumble, Match has rolled out several new features, including weekly subscription plans and new engagement and privacy features across Tinder and Hinge.

Tinder last month introduced an invite-only $499 per month offering with perks including the ability to be seen by more users.

In the third quarter ended Sept. 30, revenue grew 9% to $882 million, beating analysts' estimate of $880.6 million, according to LSEG. Sales in the Americas, which accounts for over half of its revenue, rose 10%, while those in Europe were up 17%.

Excluding items, Match earned 57 cents per share, compared with 54 cents.

Direct revenue at Tinder and Hinge, its top two dating platforms, grew 11% and 44% respectively. Paying users across its apps fell 5% to 15.7 million, while revenue per payer' rose 15% to $18.39.

Match and Alphabet (NASDAQ:GOOGL)'s Google reached a settlement that will allow Match to use payment systems other than Google's by March next year. Match said its outlook does not include the impact of the settlement.

Tinder-owner Match issues dour forecast; shares tumble
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email