Q3 2024 Match Group Inc Earnings Call Transcript
Key Points
- Match Group Inc (MTCH) met expectations for total revenue and exceeded expectations for AOI with solid margins at 38%.
- Hinge delivered another strong quarter with impressive revenue growth, becoming the second most downloaded dating app in the US.
- Hinge's new feature, Your Turn Limits, increased response rates by 20% and helped users focus on current matches.
- MG Asia's Azar app expanded into the US, showing promising engagement with Gen Z users.
- The company is committed to returning at least 75% of its free cash flow to shareholders, having repurchased 7.1 million shares in Q3.
- Tinder's direct revenue was slightly below expectations due to under-delivery of certain optimizations.
- Tinder's MAU declined 9% in the quarter, with weaker new user trends starting in mid-September.
- The company faced a $37 million impact from impairments and charges related to exiting live streaming services.
- Tinder's new ALC initiatives were more cannibalistic to subscription revenue than anticipated, delaying rollout and impacting Q4 revenue.
- The company expects total revenue for Q4 2024 to be essentially flat year-over-year, with Tinder's direct revenue expected to decline.
Good day, and welcome to the Match Group third quarter 2024 earnings conference call.(Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Today's call will be led by CEO, Bernard Kim; and President and CFO, Gary Swidler. They'll make a few brief remarks, and then we'll open it up for questions.
Before we start, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports with the SEC.
With that, I'd like to turn
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