Match Group (NASDAQ:MTCH) management’s commentary was more constructive on early progress with Tinder pricing changes and the new marketing campaign which suggests a “very back-end weighted year” and investors are likely to wait for evidence of a Tinder revenue rebound before becoming more constructive, Oppenheimer analysts wrote in a note published on Thursday.
The analysts also lowered their full-year 2023 estimated revenue guidance to 5% from a 7.5% midpoint, which is 1% below Street expectations.
They also noted that the company’s Hinge dating app is doing well, with 30% plus year-over-year revenue growth, but its sales are too small relative to Match’s overall business.
Oppenheimer analysts called Match Group (NASDAQ:MTCH) a category leader in dating apps, and they believe the company is the “buyer of record” for competing dating products.
“While META has entered the market, we still have not seen an adverse impact on Match Group (NASDAQ:MTCH),” they added.
Match Group (NASDAQ:MTCH) has a portfolio of more than 45 digital dating brands, including Match, OkCupid, Tinder, and PlentyOfFish.
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