The dating app giant Match Group is firing 13% of its staff as part of a restructuring aimed at reducing costs, expanding margins and streamlining the organizational structure.
The layoff will affect approximately 325 employees based on matches of 2,500 employees as of December 2024, as per year submissions. Open rolls are also closed.
The reorganization aims to focus key features on approximately one in five managers affected, including technology and data services, customer care and content moderation, media purchases and recruitment capabilities for international markets.
Spencer Laskoff, who became CEO in February, said in a statement that the move was intended to help it operate as a single company rather than an independently managed brand. Match is the parent company of several popular dating apps, including Tinder, Hinge, Match.com, Meetic, OkCupid, Hinge, and lots of fish.
Cost reductions and restructuring will help save more than $100 million (annual) in 2025 and about $45 million, Rascoff said in a statement.
Also, first quarter revenue fell 3% from the previous year to $831.2 million, as the number of users who paid the service or subscription fell 5%, according to the match. Net income fell 4.6% year-on-year to $117.6 million.