(Reuters) – Tinder-parent Match Group on Tuesday reported lower-than-expected revenue for the first quarter, as consumers crimped spending on dating apps amid a looming recession.
Many users who turned to online dating in droves during the pandemic have reverted to traditional forms of meeting people as restrictions eased, causing a slowdown of user additions in the sector.
The company said negative foreign exchange impact in the reported quarter was $35 million, $7 million more than it had anticipated in its fourth-quarter earnings call.
Match Group said it saw paying users across its family of dating apps fall 3% from a year earlier to 15.9 million.
The company reported revenue of $787 million in the three-month period ended March 31, compared with analysts’ average estimate of $793.8 million, according to Refinitiv.
(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)
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