Match Group Inc, the company behind Tinder and Hinge, is forecasting current quarter revenue to go beyond their expectations on Tuesday. The company is reportedly banking on its popular online dating apps which include Tinder and Hinge to be able to attract even more subscribers as the easing pandemic curbs are now encouraging people to socialize more.
Match Group Inc. Expected Profits
The company reportedly expects its second-quarter revenue to hit the range of about $680 million up to $690 million which is about 22% to 24% higher compared to that of last year and also reaching past analysts estimates of a whopping $678.8 million. This was according to the IBES data coming from Refinitiv, according to the report from Reuters.
Shares coming from the company reportedly rose over 6% in extended trading. Shar Dubey, the CEO, noted in a letter to shareholders that the company is now heading into summer with a growing number of people all getting vaccinated. It was also noted that they are very excited and are now looking forward to the "summer of love."
COVID-19 Pandemic Ease
She also reportedly noted that the accelerating re-openings in the United States have driven the company's growth at its own brands in the quarter and also as the summer months started last year. With the pandemic stopping people from actually meeting with each other in person, the company has reportedly been tapping into the very fast-growing social discovery space.
The company was focused on allowing users to discover and also connect with people not just for dating as they might actually never meet those people face-to-face. Dubey, however, warned that the whole post-pandemic recovery is also going to take some time to actually play out as the whole situation in the rest of the world as it currently remains mixed. This is with the whole COVID-19 trend over in India, Japan, Brazil, and also some parts of the European markets worsening.
Read Also: Tinder Blames Google and Apple for Failure to Keep Away Underaged Dating App Users
Match Group Inc. Q1 Profits
According to the story by The Star, for Q1 of 2021, Match's total revenue had reportedly jumped a whopping 23% to $688 million versus the estimates of a whopping $650.7 million. The company is now largely powered by a strong 18% revenue rise with its Tinder app on average subscriber growth of 15%. Other brands reportedly saw a revenue rise of a massive 30%.
Match Group Inc.'s average revenue per user reportedly rose by a significant 9%. The total subscribers have also increased by 12% boosting the numbers to 11.1 million. When it comes to the per share basis, the company reportedly earned 57 cents which was 17 cents more than they had originally expected. With the bet on this year to be the "summer of love," expectations are positive regarding company revenue. Tinder is currently preparing to adapt to the slow shift to face-to-face meeting once again.
Related Article: Love in the Time of Coronavirus: How The Pandemic Could Change Tinder, OkCupid, and other Online Dating Platforms
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Written by Urian B.
