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The parent company behind dating app Tinder will let go about six percent of its staff as activist investors push for changes.
Reuters reports that Match Group is making the cuts as part of plans to discontinue live-streaming services on its dating apps.
Dating app operators such as Match and smaller rival Bumble have remained under pressure from a post-pandemic slowdown in growth, with Match also facing delays in the launch of new features for key apps such as Tinder.
The news comes about two weeks after activist investor Starboard Value built a six percent stake in Match, urging it to explore a sale if it is unable to revitalize its business.
Elliott Investment Management and Anson Funds Management have also been pushing for changes this year at the company.
M Science research analyst, Chandler Willison, told Reuters: "While Tinder Y/Y payer growth remains challenged, the improved trends reported by management and that we observe in our data do suggest that user experience and brand perception improvements are contributing to sequential payer growth.”
Paying Tinder users declined eight percent to 9.6 million in the second quarter, compared with a nine percent fall in the prior quarter.
Match expects third-quarter revenue to be between $895 million and $905 million, compared with estimates of $915.4 million.
"Despite some encouraging signs, there is still a lot of work to do to keep the business on track," Third Bridge analyst Jamie Lumley said.
Tinder downloads fell 12% globally, marking its fourth consecutive quarter of declining downloads, data from market intelligence firm Sensor Tower showed.
Match's second-quarter revenue grew four percent to $864 million, compared with analysts' average estimates of $856.4 million, according to LSEG data.
Total paying users fell five percent to 14.8 million, the seventh straight quarter of decline.
