Grindr Shares Q3 Results & Appoints Director of Investor Relations
LGBTQ+ dating and social platform Grindr has shared its Q3 financial results, highlighting a +39% year-over-year growth in revenue. It has also appointed Tolu Adeofe to be the company’s new Director of Investor Relations.
In a recent Letter to Shareholders, Grindr shared impressive revenue statistics, receiving $70.3 million in revenue in Q3 2023. “This outperformance is due to the successful execution of new product monetization initiatives”, it shared.
Q3 was the first full period where Grindr’s weekly subscription models were available to all users. This initiative seems to have been successful, as “the results continue to be very strong as indicated in our financial performance and key metrics”, it explained.
The quarter saw an +18% year-over-year growth in average paying users, rising from 815,000 to 962,000.
Reflecting on the recent events, Grindr CEO George Arison highlighted that positive financial metrics were achieved even with changes occurring in the company workplace culture.
Looking ahead, Arison highlighted the opportunities presented by AI saying “I’m personally excited about AI’s potential to help us provide users with unique insight about one another and to better match users based on their behavior patterns. We are working on several significant AI features and look forward to telling you more about them in the coming quarters”.
In addition to these results, Grindr also announced the appointment of Tolu Adeofe in their investor relations department. Adeofe’s role will be to interact with the investor community as the company continues to expand.
Almost one year on from becoming a publicly traded company, Grindr continues with its ambitions to become the number one hub for the LGBTQ+ community, or “the global gayborhood in your pocket” as described by Arison.
Adeofe, who has experience at Lyft, Goldman Sachs, and Google, is being brought in as the company now looks to “monetize core aspects of its business and expand its platform and capabilities”, the platform shared.
“I am thrilled to welcome Tolu to the company as a leader of this critical function,” said Vanna Krantz, Grindr’s Chief Financial Officer.
“She brings a wealth of experience in Investor Relations for dynamic technology platforms that will be valuable as we continue to convey the Grindr story to the investor community. I am proud that we continue to bring such impactful and diverse talent to the Grindr team”, Krantz added.
