PRESS RELEASE – Spark Networks SE is now trading its American Depositary Shares on the OTCQX Best Market with the symbol LOVLY. This means its shares won't be traded on NASDAQ anymore. OTCQX is a market for trading certain types of securities, mainly for established companies. Spark Networks operates dating apps like Zoosk, EliteSingles, and Christian Mingle. The company is based in Berlin, Germany, with offices in New York and Utah.
Category: SparkNetworks
Spark Networks Reports Q2 Results
PR NEWSWIRE – Colleen Birdnow Brown, Interim CEO of Spark Networks, said: "Spark has embarked on a transformational plan intended to drive the Company forward with revenue growth as well as improved margins, Adjusted EBITDA and cash flow. We reduced our user acquisition spend during the quarter by 43% as compared to the second quarter of 2022. In addition, we also reduced our operating expenses during the quarter by 16% year over year, primarily by reducing headcount and renegotiating vendor spend. With these cost reductions, we increased Adjusted EBITDA by $8.9M compared to the Q2 of 2022." Revenue was $41.2M, compared to $48M in the Q2 of 2022. Net loss was $26.9M, compared to $8.8M in the Q2 of 2022. Adjusted EBITDA was $7.2M, compared to $(1.7)M in Q2 2022.
Spark Networks CEO Chelsea Grayson Steps Down
SEEKING ALPHA – On Tuesday, Spark Networks announced the resignation of its CEO, Chelsea Grayson, effective from July 7. This news led to a -5.5% drop in the company's shares during after-hours trading. Colleen Brown, the existing board chair and former CEO and director of Fisher Communications, will step in as interim CEO. Despite stepping down, Grayson will maintain an active role within the company, continuing as a board member and advisor to Spark. The company also disclosed the completion of its strategic alternatives evaluation, setting the stage for a plan to enhance margins, EBITDA, and cash flow.
by Vansh Agarwal
See full article at Seeking Alpha
Spark Networks Q1 Results – Shutters Berlin Office, Laying off 200
PR NEWSWIRE – Chelsea Grayson, CEO of Spark Networks, said: "Our two highest priorities remain returning to revenue growth and improving profitability." The Company believes it can achieve significant efficiencies by both reducing costs and growing revenue through the following changes:
- Exit Germany: Spark Networks aims to shut down its Berlin branch by Jan 2024. This includes cutting around 200 full-time jobs.
- Improve Product & User Experience: Spark Networks plans to outsource its IT services to a third-party
- Hire a Chief Revenue Officer to join its senior leadership team.
- Substantially Improve Marketing Yield and Process
First Quarter 2023 Financial Results Q1 revenue was $41.3M, compared to $49.9M in the Q1 '22. Net loss was $4.4M, compared to $7.5M in Q1 '22.
Spark Networks Reports Q4 and Full Year 2022 Results
PR NEWSWIRE – CEO Chelsea Grayson has also announced her acceptance of the board's request to serve as Spark's permanent CEO. The company plans to focus on improving profitability through cost efficiency and increased Adjusted EBITDA margins. Grayson outlined several initiatives to achieve this, including solidifying a diversified core of meaningful brands, reallocating capital to more profitable marketing channels, and using the company's net operating losses to minimize taxable income. Q4 revenue was $41.6M, compared to $52M in Q4 2021. Net loss for Q4 was $17.2M, while full-year 2022 revenue was $187.8M, compared to $217M in 2021.
Dating & Relationship Report by Appinio and Spark Networks
APPINIO – Jorge Bueso, Spark Networks' Senior Consumer Research and Insights Manager, collaborated with Appinio on their Hype Trackers in the US, UK, FR and ES, gaining insight into the intersection between relationships, Valentine's Day and how online dating services participate in both. People tend to seek meaningful relationships based on shared values within a like-minded community, and more than ever, online dating services help facilitate these relationships. However, the industry also faces challenges, such as red flags and ghosting, particularly for women. The report also identifies growing discussion topics such as gender identity and polyamory, which the online dating industry is expected to address for modern daters.
Spark Networks Conference Call Introducing CEO Chelsea Grayson on Jan 19
PR NEWSWIRE – Spark Networks SE (NASDAQ: LOV) will host a call introduce Interim CEO Chelsea A. Grayson on Thu, Jan 19 at 4:30pm EST. Ms. Grayson is Spark Networks' first woman CEO. In the past she was CEO of True Religion and American Apparel. On Jan 19th, dial 1-888-349-0106 (US) or +1 412-902-0131 (Int'l) and ask to join the SPARK call or go here.
Spark Networks Names Board Vice Chair Chelsea A. Grayson as Interim CEO
PR NEWSWIRE – Eric Eichmann has stepped down to spend more time with his family and explore future opportunities. Ms. Grayson is the former CEO of True Religion, a designer jeans and clothing company, as well as clothing company American Apparel. She has a multi-decade career as a board member for a range of technology, consumer-facing, and wellness companies, a law firm partner, and an in-house general counsel.
Spark Networks’ Q3 Results With Continued Subscriber Growth for Zoosk and Focus on Profitability
PR NEWSWIRE – Q3 '22 revenue was $48.2M, compared to $53.3M in Q3 '21. Net loss was $10.7M, including an $11.8M non-cash impairment charge to the Zoosk trade name, compared to a net loss of $2.7M in Q3 '21. Zoosk initial subscriber registration grew 5.1% YOY. Zoosk's average paying subscribers grew 3.4% YOY. The app has deployed new pricing, leading to increased conversion rates and a higher average price for Zoosk subscriptions YOY.
Spark Networks Reports Q2 Results, Continued Subscriber Growth for Zoosk
PR NEWSWIRE – Q2 Revenue was $48M, compared to $55.3M in Q2 2021. On a constant currency basis, revenue would have been $50.3M. Net loss was $8.8M, compared to $49M in Q2 2021. Total paid subscribers grew from 831K to 838K. Zoosk end of period subscribers grew 4% YOY. Zoosk new subscribers grew 17% YOY. The company expects to deliver low double-digit Adjusted EBITDA margins for the full year.