The Match Group, which owns several brands of internet dating services, which includes Tinder, Hinge, Ok Cupid and PlentyOfFish, has surpassed analyst’s forecasted revenue of $437 million, in their third-quarter reports declared a revenue of $444 million, a 29 percent increase from the previous year.
The Match Group has declared that it expects to bring in a total of $1.72 billion in annual revenue.
But the company’s fourth-quarter prediction did not satisfy Wall Street. Match Group said it expects between $440 and $450 million in revenue in the fourth quarter, falling short of the $454.5 million analyst estimate. As a result, the Shares of the company sank by 10% hours after trading.
Tinder, which is a location-based mobile dating application, has continued to be the company’s growth engine, accountable for roughly half its paid users and half its projected annual revenue. The companies total number of paid subscribers came in at 8.1 million, up from 7.7 million in Q2 and a 23 percent increase. Much of that growth comes from Tinder Gold, Tinder’s premium subscription tier that lets users see who’s already liked them without doing any swiping. The Overall Tinder’s paying user base is up to 4.1 million from 3.8 million the prior quarter.
Tinder is expected to generate $800 million in revenue in 2018.
Hinge, another app-based dating service acquired by Match in June, is on its way up. Match says it’s seen a 5x increase in downloads since it first invested.