IAC has released its first quarter financial results the day after its subsidiary Match Group did the same.
It reported total revenues of $1.1 billion, a year-on-year growth of 11%, while adjusted EBITDA increased by just 1% to $190.6 million. The company’s stock price at the time of writing is $238.90.
Tinder’s expanding subscriber numbers was noted as a highlight of the past three months. The 4.73 million premium members on the dating app are more than the rest of the Match Group brands combined.
In a letter to shareholders, IAC CEO Joey Levin said: “Tinder, our leading global dating product, continues its winning streak. Tinder is global, it’s viral, and it serves one of the most basic human needs incredibly well – and it’s not stopping.
“The Tinder success also allows us time and room to advance other opportunities including a big international push, some new brands, and a major product overhaul at Match.com. Tinder appropriately holds the focus, but potential remains throughout the brands.”
Looking forward to the rest of Q2, Levin anticipates Match Group to record revenue in the region of $480 to $490 million, which would be a yearly growth of approximately 15%.
Match Group’s Q1 revenue was $465 million with an adjusted EBITDA of $155 million. The company revealed it is planning to further its impact in Asian markets throughout the remainder of the year.
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