News of Renate Nyborg’s exit came as Match Group reported results that missed Wall Street expectations
The chief executive of Tinder has left the dating app after less than a year after the market value of its parent companyThe departure of Renate Nyborg was one of a number of management changes announced by the $20bn Match Group, which owns dating brands including Hinge,Its share price plunged by more than 20% on Tuesday after missing Wall Street second-quarter expectations and issuing weaker-than-expected guidance.
“We have not been able to realise the monetisation successes that we typically deliver. Tinder’s current revenue growth expectations for the second half of the year are below our original expectations as a result of disappointing execution on several optimisations and new product initiatives.” Kim said Tinder’s plans to introduce new technologies, such as virtual currencies and metaverse-based dating, were also under review as part of the restructure.
Match Group reported second-quarter revenues of $795m, a 12% increase year on year but below analysts’ consensus expectations of about $704m.The company, which also owns OkCupid and Plenty of Fish, expects revenues in the third quarter to be between $790m and $800m, also below Wall Street expectations.
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