BUSINESSWIRE – A securities fraud class action lawsuit has been filed by a law firm against Match Group, Inc. The lawsuit was filed on behalf of investors who purchased or acquired Match common stock between November 3, 2021, through January 31, 2023. The class period will end on May 5, 2023. The law firm accuses Match of failing to deliver Tinder's planned product initiatives and misrepresenting its business and operations. The firm encourages investors who suffered significant losses to contact them. The investors can either choose to do nothing and remain an absent class member or move the Court to serve as a lead plaintiff.
Category: Match Group
A Guide to Succeeding on Tinder, According to Helen Fisher
EL PAIS – Anthropologist and biologist Helen Fisher, who has researched love and relationships for nearly 20 years, has been a scientific adviser to Match Group. She has also created a test to distinguish four personality types and to provide some scientific basis for Match's method. Although dating apps have barely changed love, Fisher offers some advice for better using these apps. She suggests not dating too much, getting to know between five to nine people, stepping away from the app for a while after seeing five to nine people, and not being too picky and learning to say yes.
Match Group to Present at the New Street Research Online Dating Summit
PR NEWSWIRE – Match Group will participate at the New Street Research Online Dating Summit on Tuesday, March 14.
Agenda:
- Faye Iosotaluno, COO of Tinder and Mark Van Ryswyk, CPO of Tinder, at 10:55 AM, EST
- Bernard Kim, CEO of Match Group and Gary Swidler, President and CFO of Match Group, at 2:25 PM EST
Live webcasts will be available here
Match Group to Invest in Indian Matrimonial Site Shaadi
ECONOMIC TIMES – Match Group is in advanced discussions with Shaadi.com for a strategic investment in the Indian company. The exact financial terms and arrangement are yet to be ascertained. Shaadi.com founder Anupam Mittal didn't respond to queries. Match Group said that it does not comment on speculation. In an interview to a business daily in Sep last year, Mittal had said the company was planning to go public in the next fiscal year. Mittal is the founder and CEO of People Group, which runs the matchmaking site.
by Anumeha Chaturvedi
See full article at Economic Times
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Podcast: The Price of Dating Apps
WALL STREET JOURNAL – Dating apps are asking users to pay more for features and access to matches as a way to counter slowing growth. WSJ's Heard on the Street columnist Laura Forman talks about the pressure on Match Group.
Match Group to Lay off 8% of Its Staff as Growth Falters
REUTERS – Match Group joined a growing list of U.S. companies that are cutting jobs to rein in costs after it announced plans to lay off ~8% of its workforce, or ~200 employees, as spending on its dating apps slows. The job cuts were mainly in areas such as recruiting. The layoffs come as other tech firms, from Microsoft Corp to Amazon, shed tens of thousands of jobs to brace for a possible recession.
by Vansh Agarwal & Shreyaa Narayanan
See full article at Reuters
Match Group Q4 2022 Results
MATCH GROUP – Total Revenue declined 2% YOY to $786M. Operating income was $107M, a 54% decrease YOY. Payers declined 1% to 16.1M. Tinder direct revenue was flat over the prior year quarter with 3% payers growth to 10.8M. All other brands collectively had a direct revenue decline of 5% YOY driven by an 8% payers decline. Hinge revenue grew 30%YOY.
Match Group Forecasts Q1 Revenue Below Expectations
REUTERS – While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Dating app Hinge's business was also hit by product delays, among other headwinds. Shares of Match Group fell ~11% in trading after the bell. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecasts Q1 revenue between $790M and $800M, lower than analysts' estimates of $817.3M. Revenue fell 2% to $786M in Q4, also missing expectations of $787.3M. Total payers fell 1% to 16.1M.
by Vansh Agarwal & Shreyaa Narayanan
See full article at Reuters
Executive Shake-Up at Match Group
TECH CRUNCH – Match Group is bringing on former VP of Product at Snap Will Wu as its new CTO in a newly created role. Wu will oversee product innovation across Match's portfolio of apps. Match says Wu will now work directly with its executives to launch new features, emerging technologies, and innovative products. Gary Swidler, who was previously the COO and CFO of Match, will become the president and CFO of the Group. In addition, Malgosia Green, who was previously CEO of Plenty of Fish, will become CEO of Match Group Asia. Hesam Hosseini, the CEO of Match and Affinity brands, will become CEO of Evergreen & Emerging Brands. In this position, Hosseini will oversee Match, Meetic, Plenty of Fish and OkCupid, in addition to emerging brands such as The League, BLK and Chispa. Last, Justin McLeod, the founder & CEO of Hinge, will now report directly to Kim.
Could Mandatory Background Checks Curb Trust Issues on Dating Apps?
GIZMODO – A roundtable discussion was held in Sydney to come up with ways to curb harassment on dating platforms. Ministers, victim-survivors, tech companies, and authorities met online with representatives of Bumble and Tinder. Australia's eSafety Commissioner, Julie Inman Grant, has warned dating apps that they need to make significant changes and improvements to protect users or face a mandatory code. She's calling on dating apps to be more transparent with their data and what additional safety measures they will implement. Bumble said it had implemented security measures in recent years including a block and report tool that allows users to report any suspicious behavior, photo verification, and Private Detector, which uses AI to detect and blur potentially crude images. The company has also released Private Detector on GitHub, allowing other apps to access the tool. Tinder has photo verification, anti-harassment prompts, and a Trust and Safety team to mediate any reports of concerning behavior on the app. The company also created the Match Group Advisory Council in 2018 to advise Tinder on preventing sexual assault, sex trafficking, and harassment.
by Nikki Main
See full article at Gizmondo
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