Tinder owner Match to cut 8% job

Match Group announced plans to lay off about 8 percent of its workforce, or about 200 employees, as spending on its dating apps slows.
Online job IndiaTexas-based Match Group gave a lackluster quarterly revenue forecast a day earlier that it blamed on a tough economy, a strong dollar and significant poor product execution at Tinder. Product delays have also hit its Hinge app at a time when competition is rising from rival Bumble.

Match Group said the job cuts were mainly in areas such as recruiting. The job cuts have already taken place in the United States and are being implemented in other countries.

Match incurred about $3 million in severance and similar costs during the fourth quarter and said it was expecting additional costs of about $6 million in 2023. It said the moves would help improve margins in the second half of the year.

“In addition to the cuts, we expect Match to place greater emphasis on marketing its Tinder and Hinge brands, core areas of growth for 2023,” CFRA Research analyst Angelo Zino said.

Match, which has primarily relied on word-of-mouth advertising, said Tinder will be launching its first global marketing campaign in the current quarter to improve brand perception.

Match Group forecast first-quarter revenue between $790 million and $800 million. The company also reported its first-ever quarterly revenue decline.

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