Grindr Inc. (GRND) shares took a nosedive, plunging 5.30% in after-hours trading on Wednesday. The significant drop in the stock price occurred after the company was tentatively scheduled to report its fourth-quarter earnings on the same day, according to FactSet Research Systems Inc.
While the specifics of Grindr's upcoming earnings report remain unclear, investors appear to be bracing for disappointing results or guidance, as reflected in the stock's steep sell-off. Analysts' consensus estimate for the company's fourth-quarter earnings per share stands at $0.09, according to FactSet.
Grindr, a prominent LGBTQ+ dating and social networking platform, has faced increasing competition from rival apps and services in recent years. Investors may be concerned about the company's ability to maintain growth and profitability amid intensifying competition and potential challenges in user acquisition and retention.
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