Grindr Inc (NYSE:GRND) shares climbed as much as 10% in after-hours trading on Monday after the world’s largest social network for the LGBTQ community reported that its fiscal 2022 revenue increased 34% year over year.
The company also recorded 2022 full-year operating income of $13 million along with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 44%.
“We grew revenue from our paying users by 41% in 2022,” Grindr CEO George Arison said in a statement.
“We have put the foundation in place to drive sustainable long-term growth and value creation as we enhance our user experience, better monetize our core business, build out our international business and, longer-term, add new adjacent, community-focused businesses,” he added.
As well, Grindr released an inaugural shareholder letter detailing plans to drive monetization, with guidance of 25% and a 38% plus EBITDA margin in 2023.
The shareholder letter can be found on the company’s website here.