Home
Apps
Apps News
Tinder Parent Match Hits It Off in Wall Street Debut

Tinder Parent Match Hits It Off in Wall Street Debut

By Agence France-Presse | Updated: 20 November 2015 10:35 IST

Match Group, the new firm which operates dating apps Tinder and OK Cupid, scored well in its first date on Wall Street as the market warmed to its stock offering.

Shares in Match jumped 12.6 percent to $13.52 (roughly Rs. 900)at 4:15pm GMT after its initial public offering raised $400 million (roughly Rs. 2,644 crores) for the group spun off of IAC/ InterActiveCorp, a US media and Internet giant chaired by former Fox chief executive Barry Diller.

Match operates a portfolio of more than 45 brands, which also include Meetic, Twoo and FriendScout24, each of them designed "to increase our users' likelihood of finding a romantic connection," according to a filing.

Altogether, the company said it offers dating products in 38 languages in 190 countries, with approximately 59 million monthly users total.

Match reported in the filing that its revenue climbed from $713.4 million (roughly Rs. 4,715 crores) in the 2012 to $888.3 million (roughly Rs. 5,872 crores) last year, while net earnings rose from $90.3 million (roughly Rs. 600 crores) to $148.4 million (roughly Rs. 981 crores) in those years.

The company has been in the limelight for its fast-growing Tinder app, which allows smartphone users to swipe right or left to accept a reject a potential partner and has become symbolic of "hookup" culture.

Some analysts remain cool on the prospects of the new company.

"We believe the biggest risk to Match Group is what we call the 'Tinder Catch-22' -- which is that as March improves the Tinder product, we believe it could not only cannibalize the rest of Match Group, but also make it more difficult to monetize Tinder via subscription," said a note from Brandon Ross at BTIG Group.

"At the same time, the company must improve Tinder's product to defend against potential outside competition."

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.