As the dating app giant, Tinder announces disappointing second-quarter earnings, CEO Renate Nyborg will be departing the company after less than a year in the top job.
Her exit was one of a number of management changes at Tinder announced by parent company Match Group.
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According to reports, the Group is also killing Tinder’s plans to adopt new technology, like virtual currencies and metaverse-based dating.
In a shareholder letter, Match Group CEO Bernard Kim expressed frustration with Tinder’s current performance, noting the popular dating app has not been able to realize its typical monetization success over the past few quarters and is failing to meet the company’s original expectations for revenue growth for the latter half of 2022.
There was also a hint that the younger generation of users may have lost their appetite for dating apps and moved past lockdowns and entered a more normal way of life, their willingness to try online dating products for the first time hasn't yet returned to pre-pandemic levels.