Match Reports Decline in Paying Tinder Users, Announces Buyback.

Match Group Inc. reported a decline in paying users on its largest dating app, Tinder, for the fifth consecutive quarter. The decline comes after the company raised prices on some subscription plans. The number of paying users fell 8% from last year to just under 10 million, which surpasses the 6.6% drop that analysts had anticipated. In a letter to shareholders, Match attributed the loss of users to the higher-priced subscription plans it introduced last year and "daily new user softness." The company projected a first-quarter revenue of $850 million to $860 million, which is less than the average analyst estimate of $869.7 million. In addition to the user decline, Match reported revenue of $866.2 million and profits of 81 cents per share in the fourth quarter, both of which exceeded expectations. The company also announced plans for a $1 billion share buyback program.

January 30, 2024
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