Tinder parent Match cuts 13% of workforce, forecasts revenue above estimates

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Match Group on Thursday forecast second-quarter revenue above Wall Street estimates and said it would reduce 13% of its workforce to cut costs, as the Tinder parent ploughs ahead with its business revamp plan.

Shares of the Dallas, Texas-based company rose 2.7% in premarket trading.

The layoffs are the first major structural change at Match since new CEO Spencer Rascoff took the helm in February and was tasked with tackling a slowdown in user engagement.

The online dating industry has hit a rough patch as persistent inflation and a lack of innovative…



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Tinder parent Match cuts 13% of workforce, forecasts revenue above estimates


Match Group on Thursday forecast second-quarter revenue above Wall Street estimates and said it would reduce 13% of its workforce to cut costs, as the Tinder parent ploughs ahead with its business revamp plan.

Shares of the Dallas, Texas-based company rose 2.7% in premarket trading.

The layoffs are the first major structural change at Match since new CEO Spencer Rascoff took the helm in February and was tasked with tackling a slowdown in user engagement.

The online dating industry has hit a rough patch as persistent inflation and a lack of innovative…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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