First article said that the company is intending to leave Russia. It is no surprise, since many major US companies left the country, however, what is surprising is that it took them that much time. Article said that Match Group has announced that it will exit the Russian market by 30th of June due to concerns over human rights. The move is part of Match's efforts to restrict access to its services in Russia, a trend that has seen other digital services providers like Spotify and Netflix pull out of the country since Moscow began its military campaign in Ukraine in February 2022. Match has made few public statements about its Russian operations but flagged negative impacts on its European business in March 2022. According to Match shareholder Friends Fiduciary Corp, the company's decision to exit Russia sets an example for others to follow in tying their decisions to the human rights risks faced by people in the region. Now, for me as I regularly follow the market news, these are nothing new. However, it is a big blow for Russia, as well as the company itself, because I can’t say that Russia is a small market.
Second one, which was first posted on Reuters, said that Match Group announced that it expects lower-than-expected revenue for the second quarter of 2023 but highlighted signs of growth at Tinder following changes to the dating platform's product and marketing strategies. Despite these improvements not being immediately visible in financial results, Match Group stated that it has seen early signs of momentum. The company's flagship app, Tinder, saw little change in paying users and direct revenue from a year ago, and analysts forecast industry-wide declines in ARPU for online dating apps throughout 2023. Dating app Hinge introduced a two-tier subscription model that is expected to bring in more paying users and increase ARPU. The company's revenue for the three-month period ended 31st of March was 787 million USD, and net profit fell to 120.8 million USD from 180.5 million USD a year earlier. I have also read, that Tinder grew rapidly in popularity during Covid lockdowns, which caused people to feel lonely and they were looking for some online companion.
Technical analysis, at least from my point of view, offers a very big opportunity. Stocks are currently near all-time low, as the price is 34.55 USD. * However, the highest point it has reached was more than 170 USD, which gives it nice potential for movement. [1] Of course, in case if company will provide good results and plans.
Movement of Match Group stocks since coming to the market. *
* Past performance is no guarantee of future results.
[1] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.