Match Group, the dating app giant, is implementing a significant restructuring plan that includes a 13% reduction in staff to cut costs, improve margins, and simplify its organizational structure.
Around 325 employees, out of the 2,500 Match Group had in December 2024, will be affected by the layoffs. Additionally, open positions will be closed.
The reorganization aims to streamline management layers, with approximately one in five managers impacted, and consolidate key functions such as technology and data services, customer care, content moderation, media buying, and international operations, according to the company.
Newly appointed CEO, Spencer Rascoff, stated that the goal is to operate Match Group as a unified entity rather than individual brands. Match Group owns popular dating apps like Tinder, Hinge, Match.com, Meetic, OkCupid, Plenty of Fish, and OurTime.
The cost-saving measures and restructuring are expected to result in more than $100 million in annual savings, with $45 million projected for 2025, Rascoff reported.
Match Group also disclosed a 3% decrease in first-quarter revenue to $831.2 million compared to the previous year, attributed to a 5% decline in paying users. Net profit fell by 4.6% year-on-year to $117.6 million.
