Popular dating app Tinder is only getting hotter — thanks to its growing popularity overseas.
Shares of Tinder parent company Match Group soared to record heights on Wednesday after it told investors that Tinder added 503,000 new subscribers in the second quarter — blowing past estimates.
Analysts had expected the app — known for letting users swipe right to indicate they find a profile attractive — to add only 392,000 new users during the quarter.
The company’s shares soared as much as 29 percent in intraday trading before ending the day up 24 percent, at $91.77 a share.
On an earnings call, Match Chief Executive Mandy Ginsberg cited Tinder’s strong performance in Japan, where downloads of the app increased 60 percent.
She said Tinder is poised to grow even more as the popularity of online dating catches on elsewhere.
“We firmly believe this trend is poised to sweep Asian and Middle Eastern markets also,” she said, referring to data showing 40 percent of American relationship now start online.
Barry Diller’s IAC, which owns 80 percent of Match Group after spinning it off in 2015, also enjoyed a stock surge, with an 11 percent increase in its share price. IAC also benefitted from announcing Wednesday plans to potentially spin off Match and another tech company, ANGI Homeservices.
Tinder’s growth drove revenue for all of Match, which includes Hinge, Match, OkCupid and other dating brands, to a record $498 million — surpassing analysts’ expectations of $489 million.
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