By Leah Montebello
Despite the cost of living crisis battering consumer spend, Match Group is still cashing in on people looking for love.
The Tinder owner revealed that the number of paid subscriptions to the dating app rose seven per cent globally in July-September.
The firm, which also owns Hinge and OKCupid, defied analyst estimates, with revenue at $810m for the three months ended September.
Tinder’s revenue climbed six per cent and its paying users jumped seven per cent thanks to the enhanced desktop usage for swiping right and left.
The firm did warn that the economic certainty was weighing on discretionary spending across its apps, hitting the lowest paid users the hardest.
Head of Investment at interactive investor Victoria Scholar explained that it was the highest earners who were spearheading the group’s paid features.
She told City A.M. that investors are feeling particularly loved up with the company’s handling of the wider macroeconomic backdrop, “trimming the fat through reduced marketing and other expenses”.
Tinder chief executive Renate Nyborg left her role as the dating app’s top dog in August after less than a year in the job.
However, it seems Tinder is still struggling to find the right match and name a new CEO.
Shares climbed 16 per cent this morning, standing in contrast to the tumble tech stocks saw in the latest quarter, with Meta and Amazon making significant losses.
The post Cost of loving: Tinder boosted by paid matches despite spending squeeze appeared first on CityAM.
