Thursday, 08 Jun 2023

Tinder parent company defies tech downturn as more people pay to find love

Tinder parent company defies tech downturn as more people pay to find love


Tinder parent company defies tech downturn as more people pay to find love

Their results were an outlier in what has been a quarter of poor performance for some of the biggest tech companies in the US. Match Group, who own a suite of dating apps including Hinge and OKCupid, saw their shares rise 16% on Tuesday.

The results are welcome news for Tinder, which has been rocked this year by executive changes. In August, chief executive Renate Nyborg stepped down after less than a year in the job. Spiralling inflation and cost of living concerns have also put pressure on spending in apps.

The company, however, forecast flat revenue growth for Tinder in the coming quarter.

Match plans to tackle the coming slowdown with reductions in headcount-related expenses and marketing spend. The company added that a search was ongoing for a new Tinder CEO, a position that remains vacant.

Reuters contributed to this report

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