Tinder’s parent company, Match Group, has set its sights on a “summer of love” for its global dating platforms as coronavirus vaccinations rise and economies reopen.
Expected revenue match for the April-June quarter of up to $ 690 million, 24% up from the same period last year and ahead of estimates made by analysts.
This was despite the recognition that in some countries where it operates, the spread of the pandemic was worsening.
Managing Director Shar Dubey said in a letter to investors: “As we move into the summer, with more and more people getting vaccinated, we can’t help but be excited about the future.”
She signed the letter: “Looking forward to a summer of love”.
Shares of the group – whose brands also include Hinge – rose 6% in after-hours trading.
Match reported revenue in the first three months of the year of just under $ 668 million, 23% more than the same period last year and a net profit of $ 174 million, against a loss of $ 203 million a year ago.
On average, it had 11.1 million subscribers in the quarter, up from 9.9 million a year earlier.
The company has seen subscription numbers take a beating at the start of the pandemic, pick up during the summer, and then recede as the number of cases increased and new lockdowns were put in place.
Match said the new year saw a seasonal spike in enrollments and then levels began to “normalize” as vaccinations rolled out, even as some countries saw a third wave of cases.
Ms Dubey said: “We are happy with the way 2021 has started and are optimistic that the rest of the year will continue this momentum.”
During the pandemic, with users unable to meet in person, Match tapped into an appetite for social relationships that aren’t exclusively for dating.
He said engagement levels on Tinder have remained well above pre-pandemic levels with 15% “swiping” activity ahead of time and conversations averaging 32% longer.
Match said the accelerated re-openings in the United States had led to much of the improvement in its brands.
He added that while pandemic trends in countries such as India, Brazil and Japan together and the slow progress in vaccine distribution meant that the post-pandemic recovery “is going to take a long time to play out,” he was increasingly confident in achieving his financial goals.