Feb 1, 2023
Match Will Reduce Global Workforce by 8% as Sales Miss Estimates
(Bloomberg) -- Match Group Inc. will reduce its global workforce 8% after the dating-app company provided first-quarter revenue guidance that fell short of analysts’ estimates and looks to cut costs, chief financial officer Gary Swidler said on a call Wednesday.
Match, which owns dating apps such as Tinder, Hinge and OkCupid, on Tuesday said revenue in the first quarter would be between $790 million to $800 million, missing estimates for $816 million.
The Dallas-based company said it’s reviewing how to pare spending on areas like jobs, marketing and office space, and expects to incur about $6 million of severance and similar expenses. The company employed about 2,500 full time and 40 part-time employees as of the end of 2021, according to regulatory filings.
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