Match Group MTCH-Q forecast its annual revenue below Wall Street estimates on Tuesday, a sign users are dialing back spending on its dating apps, sending the Tinder parent’s shares down 9.5% after the bell.
Online dating apps have been seeing a slowdown in demand and user engagement over the past few years as economic uncertainty and a lack of new features kept subscribers on the sidelines.
Match also said it has appointed Spencer Rascoff as its chief executive officer, effective immediately, succeeding Bernard Kim.
The company expects its revenue in the range of $3.38 billion to $3.50 billion for the full year 2025, compared with analysts’ average estimate of $3.50 billion, according to data compiled by LSEG.