Joining the march of laying off the staff, Match Group, the parent company of famous dating apps Tinder and Hinge set to lay off the workforce to save money. Bloomberg has reported that Match Group will lay off around 8% of its workforce.
The firm has released sales forecasts for the first quarter that fell short of analysts' expectations and plans to slash costs. Match Group CFO Gary Swidler predicted first-quarter revenue of $790 million to $800 million, falling short of analyst expectations of $816 million.
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According to regulatory filings, Match Group has around 2,500 full-time and 40 part-time employees as of the end of 2021. According to Reuters, the company's layoffs would affect around 200 employees. Match Group is also contemplating examining its expenditures in areas such as employment, marketing, and office space. The business, which also owns OkCupid, anticipates severance and other costs of around $6 million.
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More layoff news is likely soon, as many technology businesses will disclose their quarterly results and projections in the coming days. Apple has thus far avoided layoffs, but experts predict a drop in sales. Today is also the deadline for the iPhone maker to report its quarterly earnings.
Otherwise, records suggest that January 2023 was the month with the most job cutbacks, with widespread layoffs beginning in the IT industry in November 2022.
Q: What exactly does Match Group do?
Match Group, Inc. is a global provider of dating solutions through its portfolio companies. Tinder, Match, Hinge, Meetic, OkCupid, Pairs, PlentyOfFish, OurTime, Azar, and Hakuna Live are among the brands in the Company's portfolio that help consumers discover a connection.
Q: Is Bumble a Match Group company?
Bumble owns only three applications (Bumble, Badoo, and Fruitz), whereas Match owns Tinder, Hinge and a slew of others.