After a negative prediction Tinder owner Match will fire around 8% of its employees
- ByStartupStory | February 3, 2023
After forecasting first-quarter sales that would fall short of Wall Street forecasts the previous day, Match Group Inc. announced on Wednesday that it would be laying off around 8% of its personnel.
Gary Swidler, the chief financial officer, stated on the earnings call that the company has already eliminated employment in the United States and that job cuts are still being implemented elsewhere.
The Texas-based company’s stock was down 7.8% after falling 11% after the bell on Tuesday as a result of its unfavourable prediction.
The dating service joins Big Tech companies and Wall Street giants in laying off employees in an effort to reduce expenses amid recession fears.
Match stated on Tuesday that it anticipated severance and related costs of around $6 million in 2023, adding that its cost-cutting measures will assist enhance margins in the second half of the year.
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