US EditionTinder parent Match cuts 13% of workforce, forecasts revenue above estimates
- Match Group, parent company of Tinder, announced it will cut 13% of its workforce while forecasting second-quarter revenue above estimates.
- This move follows a 3% revenue decline in Q1 due to a 5% drop in paying users and aims to address a slowdown in user engagement since Spencer Rascoff became CEO in February.
- Match has been enhancing its platform with features like the double-date option favored by users under 29 and is leveraging AI to boost user experience and safety, resulting in a notable decrease in reports related to malicious users.
- The company reported first-quarter revenue of $831 million, surpassing analysts’ expectations of $827.5 million, while revenue per paying user grew to $19.07 from $18.87 compared to the previous year.
- The layoffs aim to reduce costs, streamline management, and centralize key functions, with expected annual savings over $100 million and about 325 employees affected.
16 Articles
16 Articles
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Match Group's new CEO says he's cutting 13% of staff in a bid to turn around the floundering dating-app company
Match Group is laying off 13% of its workforce. The move comes as paid users fell another 5% in the most recent quarter. Young users are pivoting back to real-world meetups, rather than online dating. Match Group, the parent company of dating apps including Tinder, Hinge, and OKCupid, is culling its workforce by 13%, announcing plans to cut approximately 325 jobs. The move comes as demand for dating apps among younger users weakens. Profits for …
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