It may seem counterintuitive, but Tinder's parent company Match Group Inc MTCH experienced growing user engagement in its second quarter — and this trend is here to stay for at least the near-term, according to a top Match exec.
People Still Want To Meet Others: The COVID-19 pandemic made it nearly impossible for strangers to meet up with each other after first chatting online. But the online dating community realized that video chatting and video dating is "the next best thing," Match Group CFO and COO Gary Swidler said in an appearance on CNBC's "Squawk Alley."
Video was always considered to be a "great tool" for people to date, as it offers a superior first introduction versus going out, Swidler said. But adoption was "pretty slow" until the outbreak gave people little to no other choices, he said.
"I think it's working out very well for people and I think people will continue to use it even when the pandemic passes."
Match Brands Update: Match Group oversees multiple dating apps, the largest of which is Tinder. The popular app remains the global leader in dating and recorded another great quarter, the exec said.
The company's legacy brands like Match, OkCupid, and Plenty of Fish "perform well," he said.
"That momentum from Q2 really is going to carry into Q3 for us and we are optimistic it is going to carry beyond that."
MTCH Price Action: Match shares were up 12.22% at $120.71 at the close Wednesday.
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