Match Group has shared that it will be laying off 8% of its staff, around 200 individuals, in a recent email. The company highlighted economic issues and troubles at Tinder as the causes of this decision.
A report from Reuters shares that the job cuts will take place in areas such as recruiting, with layoffs already underway in the USA. It shared that the decision will help the company improve its margins for late 2023.
The company shared that it faced $3 million in severance costs during the last quarter of 2022, and it would now expect an additional $6 million for the year ahead.
Layoffs have been recorded across the sector, with other major brands such as Microsoft, Amazon, Google and PayPal.
In Match Group’s fourth quarter 2022 financial results, it shared that total revenue had declined 2% over the prior year quarter, with payers declining 1%.