Grindr Inc (NYSE:GRND) shares moved higher in afterhours trade the company reported a jump in revenue and a narrowing loss for the third quarter and raised its 2023 outlook.
Grindr, best known for its dating app of the same name which serves the LGBTQ+ community, reported a 39% year-over-year increase in revenue to $70.3 million.
Direct revenue rose 43% to $61.6 billion and indirect revenue was up 21% to $8.7 million.
It narrowed its net loss from $4.7 million or a loss per share of $0.03 in 3Q 2022 to $0.4 million or $0.00 per share.
"We delivered another strong quarter as more users are engaging with our new paid offerings," Grindr CEO George Arison said in a statement.
Grindr raised its full-year outlook to expect revenue growth at or above 31% and an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin at 41% or better, implying 4Q revenue growth of 25% or more.
It had previously expected full-year revenue growth of 28% over 2022.
“The anticipated higher revenue growth rate contemplates strong year-over-year growth and a stabilization in our sequential growth rate,” CEO Arison said.
Grindr share gained 2.2% to US$6.10 shortly following the release of its earnings report.
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