Match Group CEO Bernard Kim expressed disappointment with Tinder’s current performance, noting that the popular dating app hasn’t had the typical money-making success over the past few quarters and that the company isn’t meeting revenue growth expectations for the second half of 2022.
Google sues to remove Tinder from Play Store
The dating giant announced on Tuesday that it will change Tinder’s management team. The departure of Renate Nyborg, who has been Tinder’s CEO since September 27, 2021, is the most notable change in senior management.
Tinder is looking for its new CEO
Mark van Ryswyk is Tinder’s chief product officer. Ryswyk, who joined the company in June, is an experienced manager. Melissa Hobley, formerly the CMO of OkCupid, is Tinder’s chief marketing officer. Tom Jacques, Tinder’s chief technology officer; He has been with the Match Group for 11 years and has been Tinder’s CTO for the last 5 years. Amarnath Thombre, CEO of Match Group Americas, who has been with the Match Group for 15 years, advises the Tinder management team on the product roadmap and growth. According to Kim’s statement, Tinder’s new CEO may be one of these names.
Stating that the highest interaction comes from existing users, Match Group has decided to stop its metaverse plans as part of Tinder’s renewal and re-examine the Tinder Coins initiative.
Revenue growth fell short of forecasts
Match reported second-quarter revenue of $795 million, up 12% year-over-year, below average estimates. The company reported a loss of $31.86 million. The operating loss, affected by the depreciation of $217 million in intangible assets, was $10 million.
Paid subscribers increased
The number of paid users of Tinder reached 16.4 million, up 10% year-on-year. Tinder’s 10.9 million paying subscribers increased the company’s earnings by 13% compared to previous quarters. The company forecasts $790 – $800 million growth for the next quarter; below these estimates.
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