Match Group Inc (NASDAQ:MTCH), parent company of the Tinder dating app, saw its stock rising in Thursday’s early deals after it reported revenue ahead of forecasts for the March quarter.
On top of that, Match – which also owns the Hinge and OkCupid dating apps – confirmed cost cutting plans that will result in 13% of its workforce being dumped.
The layoffs follow new CEO Spencer Rascoff taking the reins in February.
Match reported a 3% decline in revenue for the March quarter, to $831 million which was better than the Wall Street consensus forecast of $327 million. It also looks favourable to rival Bumble, which yesterday showed a 7% drop.
"Match Group is the clear global leader in creating meaningful connections, and today's changes will allow us to realize the full benefits of our scale,” Rascoff said in a statement.
The Tinder-owner said its revenue per user had risen to $19.07 for the quarter, versus $18.87 a year ago.
Operating income (adjusted) came in at $275.19 million, representing a margin of 33%, and Match said its operating cash flow over the three months amounted to $193 million.
Match executed stock buybacks worth $195 million in the quarter, and paid out $48 million of dividends.
In New York, the stock was up 2.5% in early dealing on Thursday, changing hands at $31.15.