Tinder, Hinge owner Match will cut its global workforce by 8%, know why
Tinder, Hinge, and OkCupid owner Match Group Inc. said its first-quarter revenue would range from $790 million to $800 million.
Tinder, Hinge and OkCupid owner Match Group Inc. plans to reduce its global workforce by 8% after providing sales guidance for the first quarter that fell short of analysts' expectations and looking to cut costs. The Chief Financial Officer Gary Swidler announced in a teleconference on Wednesday.
Match revealed on Tuesday that first-quarter sales will fall between $790 million and $800 million, underestimating projections of $816 million, according to a report by Bloomberg.
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The Dallas-based company stated that it is looking at ways to reduce spending on things like hiring staff, marketing, and office space and that it anticipates racking up around $6 million in severance and related costs.
According to regulatory filings, the company had 40 part-time employees and roughly 2,500 full-time employees as of the end of 2021.
Along with its first-ever quarterly sales decline, the corporation also revealed that its top line fell short of analysts' projections.