Match Group's stock plummeted 7.46% in the after-hours session on Tuesday, following the release of its Q4 2024 earnings report and the appointment of a new CEO. The dating app giant reported mixed quarterly results, with revenue slightly missing expectations and EPS beating estimates. However, investors were spooked by the company's lackluster revenue outlook for Q1 2025 and the full year, reflecting ongoing challenges with user engagement and declining payer count.
The company's flagship app, Tinder, has been grappling with slowing growth and intensifying competition from rivals. In Q4, Tinder's direct revenue fell 3% year-over-year, driven by a 5% drop in payers to 9.5 million. Match Group's total payer count declined by 586,000 from the previous year, reaching 14.6 million.
In an effort to revive growth, Match Group appointed Spencer Rascoff as its new CEO, effective immediately. Rascoff, a seasoned tech entrepreneur and former CEO of Zillow, is expected to drive the company's AI-driven business transformation and new product innovations across its portfolio of dating apps, including Tinder, Hinge, and OkCupid.
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