The Dallas-based dating app company saw its shares plummet 70% last year, making it the second-worst performer in the S&P 500.
Match Group executives are reviewing how to pare spending on areas like jobs, marketing and office space, and the company expects to incur about $6 million of severance and similar expenses.Dallas-based Match Group Inc. will reduce its global workforce by 8% as the dating-app company looks to cut costs after providing first-quarter revenue guidance that fell short of analysts’ estimates.
The company said it expects total revenue of $790 million to $800 million in the first three months of 2023, missing analyst estimates for $816 million. It’s also preparing to shift savings from lower-growth brands into higher-growth businesses. Match says the move will produce an improvement in margins in the second half of the year as revenue growth accelerates.
The final three months of the year were tough. Fourth-quarter sales fell 2.5% to $786 million while the number of paying customers dropped 1% to 16.1 million in the period.Former CEO Shar Dubey stepped down from her role last May and former Zynga Inc. president Bernard Kim became her successor.
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