• Match Group Inc forecasted first-quarter sales below projections.
• The company will incur charges of nearly $6 million in 2023.
• After the bell, trading on the company’s shares decreased by about 11% in Dallas, Texas.

As a result of a difficult economy and more competition, Match Group Inc on Tuesday forecasted first-quarter sales below projections and experienced its first-ever quarterly decrease. Match Group Inc. owns Tinder.

According to the corporation, it will also incur charges of nearly $6 million in 2023 as a result of cost-cutting measures that included lowering marketing expenditures, staffing, and real estate costs.

After the bell, trading on the company’s shares decreased by about 11% in Dallas, Texas.

In order to enhance brand perception, Match, which has up until now mostly relied on word-of-mouth marketing, announced that Tinder will be beginning its first global marketing campaign in the current quarter.

Analysts are worried that Match’s meager promotion for Tinder may hurt sales as competition from companies like Bumble Inc increases and lower-income customers stay away from its apps due to mounting recessionary anxieties.

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