Still, with no sell ratings on the stock so far, many on Wall Street have continued to keep faith the company and its online dating peers despite their dwindling valuation, pinning hopes on further product upgrades in 2024 and the addressable market’s size
Match rival Bumble Inc. has fared even worse, with its stock dropping 30% in the past 12 months. Its shares neared a record low in November after reporting worse-than-expected revenue outlook and news of founder Whitney Wolfe Herd stepping down as chief executive officer and transitioning into the role of executive chair.
Following frequent executive changes at Match Group and at its biggest brand, Tinder, the company has been hoping to deliver on a turnaround with the appointment of veteran mobile gaming executive Bernard Kim to the top job in 2022
Kim introduced a series of management and organizational changes to improve product execution and reverse losses. vice president of product to become chief technology officer of the parent firm. Kim, himself a product-driven executive, became interim CEO of Tinder, a post he still holds.
Last year, Match introduced splashy ad campaigns, new pricing plans – including the ultra-premium tier – and new features across its apps to attract new users and Gen Zs, which helped it earn more from each paying user on average. Read more