Match To Let Go 8% Workforce After Dismal Quarterly Results

  • Match Group, Inc MTCH shared its plans to reduce its global workforce by 8% after missing the first-quarter revenue consensus, Bloomberg reports.
  • Match said fourth-quarter revenue declined 2% year-over-year to $786.15 million, which missed average analyst estimates of $787.09 million. Tinder app revenue was flat, while all other brands collectively declined 5% year-over-year.
  • Match reported quarterly earnings of 30 cents per share, which missed average estimates of 47 cents per share.
  • Match expects first-quarter revenue of $790 million - $800 million versus estimates of $817.34 million.
  • Match weighed options to pare spending on jobs, marketing, and office space and expects to incur about $6 million of severance and similar expenses. 
  • Match employed about 2,500 full-time and 40 part-time employees as of the end of 2021.
  • Major tech companies, including Meta Platforms Inc Inc AMZN, and Alphabet Inc GOOG GOOGL Google had to downsize their workforce as business slowdown and macro uncertainties weighed.
  • Price Action: MTCH shares traded lower by 7.46% at $50.08 on the last check Wednesday.
  • Photo by Solen Feyissa from Pixabay
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