Match Group Loses Nearly 1 Million Customers, Shares Drop 16%; Q4 Projections Disappoint Investors

Online dating giant eyeing bleak revenue predictions amid global economic uncertainties and geopolitical tensions in Israel, despite successful third quarter earnings and engagements boost.

• Match Group, the parent company of multiple online dating apps including Tinder, lost over 826,000 customers in the last quarter, causing shares to drop by more than 16% despite previous engagement boosting efforts.
• The company introduced a 'Swipe Off' challenge on college campuses to counteract the decline in users and revitalise its youth base, with Arizona State University declared the most active college.
• Despite a 9% growth in total revenue, amounting to $882 million, and Tinder's Direct Revenue increased by 11%, the number of total paying customers declined by 5% to 15.7 million from the previous year.
• The company's forward guidance, projections for its future earnings or revenues, disappointed investors by revealing lower fourth-quarter revenue projections and a fall in people paying for Tinder.
• Match Group has settled its lawsuit with Google, leading to a $40 million in escrow being returned to Match and an obligation to use Google's User Choice Billing by March 31, 2024.

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