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Search resuls for: "Vansh Agarwal Shreyaa Narayanan"


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☆ Tinder owner to lay off 8% of its staff as growth falters
  + stars: | 2023-02-01 | by ( Vansh Agarwal Shreyaa Narayanan | Vansh Agarwal | Shreyaa Narayanan | ) www.reuters.com   time to read: +2 min
The company gave a lackluster quarterly revenue forecast a day earlier that it blamed on a tough economy, a strong dollar and "significant" poor product execution at Tinder. The cuts have already taken place in the United States and are being implemented in other countries. "In addition to the cuts, we expect Match to place greater emphasis on marketing its Tinder and Hinge brands, core areas of growth for 2023," CFRA Research analyst Angelo Zino said. It forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. The company also reported its first-ever quarterly revenue decline.
☆ Tinder owner Match to cut staff by about 8% after downbeat forecast
  + stars: | 2023-02-01 | by ( Vansh Agarwal Shreyaa Narayanan | Vansh Agarwal | Shreyaa Narayanan | ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/IllustrationFeb 1 (Reuters) - Match Group Inc (MTCH.O) said on Wednesday it would lay off about 8% of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations. Shares of the Texas-based firm were down 7.8%, having lost 11% after the bell on Tuesday following its downbeat forecast. The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession. The workforce reductions at Match are in-line with staff cuts across the broader tech sector, Zino added. Reuters GraphicsMatch forecast first-quarter revenue between $790 million and $800 million on Tuesday, lower than analysts' estimates of $817.3 million, according to Refinitiv data.
☆ Tinder gets swiped left as Match's forecast disappoints
  + stars: | 2023-01-31 | by ( Vansh Agarwal Shreyaa Narayanan | Vansh Agarwal | Shreyaa Narayanan | ) www.reuters.com   time to read: +2 min
While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. Revenue fell 2% to $786 million in the fourth quarter ended Dec. 31, also missing expectations of $787.3 million.
☆ Pinterest soars as revenue beat stands out in social media gloom
  + stars: | 2022-10-27 | by ( Vansh Agarwal Shreyaa Narayanan | Vansh Agarwal | Shreyaa Narayanan | ) www.reuters.com   time to read: +2 min
Oct 27 (Reuters) - Pinterest Inc (PINS.N) beat estimates for quarterly revenue on Thursday, making it a rare bright spot in an otherwise downbeat social media sector and sending the image-sharing platform's shares 15% higher in after-hours trading. Pinterest returned to user growth in the July-September period after three straight quarters of decline, with its global monthly active users rising 2.8% sequentially to 445 million, above Factset estimates of 437.4 million. He added the resilience in ad sales was driven by the fact that a large portion of Pinterest's ad sales come from e-commerce and consumer goods. Pinterest's third-quarter revenue rose 8% to $684.6 million. The company's global average revenue per user jumped 11% to $1.56.
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