Match Group changes Tinder leadership for weak performance

Match Group, the owner of online dating services, has fired Tinder CEO Renata Nyborg due to poor financial performance. Ms. Nyborg served as CEO of Tinder for less than a year.

“I believe that the overall quality and speed of Tinder can be improved and that we need to do more to satisfy our customers,” Bernard Kim, CEO of Match Group, said in a letter to shareholders (.pdf). At the same time, he called the work of Tinder management to optimize the service and introduce new products disappointing.

The company announced other changes in the management of the service. New Tinder CEO (Faye Iosotaluno), Chief Product Officer (Mark van Rijsvik), Chief Marketing Officer (Melissa Hobley), Chief Technology Officer (Tom Jacques) have been appointed. The current head of Match Group Americas, Amarnath Tombre, will advise Tinder’s management team on strategic development and growth.

The Match Group also decided not to implement several technologies in the dating service that Ms. Nyborg’s team was working on. In particular, it was decided to postpone indefinitely the introduction of the virtual currency Tinder and the creation of a metaverse for dating.

Overall, Match reported revenue growth of 12% to $795 million in the second quarter. However, this figure was lower than analysts’ forecasts. Moreover, the company reported a loss of $31.86 million, or $0.11 per share. While analysts expected the company to make a profit of $0.57 per share.

The publication of financial statements provoked a drop in Match stock prices in over-the-counter trading by 22.5%.

Even more news is in the Kommersant Telegram channel.

Kirill Sarkhanyantz


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