Dating apps-maker Match Group has released its financial results for the third quarter of the year ended September 30. The company’s total revenue grew 1% Y/Y to $810 million exceeding analysts’ average expectation of $793 million. Following the news, the company’s shares rose 16% on Tuesday.
The growth was largely thanks to the rising number of Tinder users paying for the app’s premium plans that offer exclusive features. In Q3, Tinder’s revenue grew 6% Y/Y to $460.2 million and its paying customers grew 7% Y/Y to 11.1 million.
In overall, Match Group’s paying customers increased 2% to 16.5 million during the third quarter. Its brands other than Tinder collectively saw a decline of 5% in direct revenue and a 8% drop in the number of payers. Hinge’s direct revenue, on the other hand, grew 40% year-over-year.
Currently, Match Group’s dating app portfolio includes Tinder, OKCupid, Match, Hinge, Pairs, Meetic, Azar, PlentyOfFish, OurTime, Stir, and The League.
Also Read: Dating App Download & Revenue Stats (2022)
In the fourth quarter, Match Group said it expects Tinder’s direct revenue to be relatively flat Y/Y and its total revenue to be between $780-790 million.
The company also said that making a prediction about its 2023 results is ‘’challenging’’ due to the current state of the global economy.
It added that it’ll continue investing in products that are showing growth or have the potential to do so, while business areas will see budget cuts.