Match To Let Go 8% Workforce After Dismal Quarterly Results

Match Group, Inc MTCH shared its plans to reduce its global workforce by 8% after missing the first-quarter revenue consensus, Bloomberg reports.
Match said fourth-quarter revenue declined 2% year-over-year to $786.15 million, which missed average analyst estimates of $787.09 million. Tinder app revenue was flat, while all other brands collectively declined 5% year-over-year.
Match reported quarterly earnings of 30 cents per share, which missed average estimates of 47 cents per share.
Match expects first-quarter revenue of $790 million - $800 million versus estimates of $817.34 million.
Match weighed options to pare spending on jobs, marketing, and office space and expects to incur about $6 million of severance and similar expenses.
Match employed about 2,500 full-time and 40 part-time employees as of the end of 2021.
Major tech companies, including Meta Platforms Inc META, Amazon.com Inc AMZN, and Alphabet Inc GOOG GOOGL Google had to downsize their workforce as business slowdown and macro uncertainties weighed.
Price Action: MTCH shares traded lower by 7.46% at $50.08 on the last check Wednesday.
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