The Match Group

The Match Group Sees Impressive Q3 Results Following Increase In Paying Online Daters

The Match Group
The Match Group has announced its financial results for Q3, showing impressive growth as a result of an increase in the number of singles willing to pay for online dating services.

The impressive results show profits to have jumped since this time last year, with figures currently sitting at $56.4m compared to $35.3m a year ago.

And this figure has well exceeded expectations, with a FactSet survey originally projecting the company’s profits to reach $40m.

Greg Blatt, Chairman and CEO of The Match Group said: “Q3 was another strong quarter for Match Group.

“We grew revenue 22% and expanded margins in our Dating businesses, delivering results ahead of expectations, driven by great growth at Tinder, as well as PlentyOfFish and Meetic.

“Our Non-dating business turned a meaningful profit this quarter as expected, and overall, we are meeting or exceeding the marks we have set for ourselves. The outlook for our Dating businesses remains very positive.”

In terms of revenue, the overall figure rose to $316.4m, up from $269.0m, which is said to have been boosted primarily from Match Group’s dating products.

And Match Group’s dating platforms, which include the likes of Tinder, Plenty of Fish and Match.com, saw revenue boost from $235.1m to $287.5m.

This said, Match Group did see a decline in revenue from its non-dating platforms, which declined to $28.9m from $33.8m, as a result of its Princeton Review business’ difficulties in attracting customers.

Perhaps unsurprisingly, the number of people now paying for dating services has increased by 31%, with current figures showing 5.5m people now opting to pay, compared to 4.2m this time last year.

And despite Tinder’s paying users shelling out around half that of Match.com, the swipe-based platform now has a whopping 1.5m paid users, compared to just 800,000 at the end of last year.

This said, the dating site has seen an 8.5% drop in revenue to 54 cents, however Match Group’s Chief Financial Officer Gary Swidler does not seem concerned and has said Tinder’s revenue has actually increased since last year, following the introduction of its individual payment options for features on top of the full subscription option.

Shares also saw a slight boost, with profit now at 21 cents, which is up from 20 cents last year – this increase is said to be down to Match Group issuing more shares.

Swidler commented on the results: “We are ahead of schedule and in very good shape to at least double Tinder’s paid-member count this year.”

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