Spark Networks, parent to online dating brands including Zoosk, Jdate, and EliteSingles, has reported its second half and full year earnings for 2019.
Preliminary revenue for the second half of the year was €99.9 million, an increase of €48.4 million compared to 2018. The full year preliminary revenue came in an at €149.1 million, another increase of €45.7 million compared to the year prior.
According to Spark Networks, both revenue growths are “primarily attributable” to acquisition of Zoosk that was formally closed in July.
The average number of paying subscribers across the portfolio has increased by almost 540,000 to approximately one million in the second half of 2019.
CEO Eric Eichmann said in a statement: “I am pleased to report strong second half 2019 results for Spark. We have completed the transformational acquisition of Zoosk and successfully integrated it into our operations, delivering significant savings and marketing synergies to Spark.
“I am excited to be working alongside the very talented team at Spark Networks as we seize our significant market opportunity.
“Our business has continued to perform relatively well during the COVID-19 pandemic and I am confident that our innovative product and marketing roadmap will lead to higher revenue and Adjusted EBITDA in 2020 and for years to come.”
Investors appear to be very satisfied with the earnings report, as Spark Networks’ share price immediately shot up by 37.5% following announcement. However, it has since settled down but is still boasting a growth of just under 12%.
Visit the Spark Networks’ website here.