2023-08-08 06:22:00 ET
Match Group (NASDAQ: MTCH) , the online dating conglomerate best known for its flagship app Tinder, has had a tough go of it over the last couple of years. Between expensive lawsuit settlements, management turnover, and big foreign exchange headwinds, Match Group has seen its stock decline by more than 70% since its highs in 2021.
However, with most of those issues now in the rearview mirror, Match Group is reporting steady progress across most of its brands and generating the kind of growth that should have investors excited once again.
Match Group reported quarterly sales of $830 million in the second quarter, which was 4% higher than the same period a year ago and an acceleration from the first-quarter growth rate. Driven predominantly by price increases and the rollout of new weekly plans at Tinder, Match Group saw an overall increase of 10% in its average revenue per paying user. For Tinder, which accounts for 57% of Match Group's overall revenue, this was the first time it saw an increase in revenue since the third quarter of 2022.
For further details see:
Match Group Just Reported Earnings. Here's What Investors Need to Know.