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Leading online dating platforms such as Match Group Inc owned Tinder and Hinge, Bumble Inc. , and Grindr Inc. are turning to AI-powered wingmen.
What Happened: Dating apps are either developing or testing AI tools and chatbot assistants that are designed to generate conversation starters, build user profiles, and provide feedback on user interactions, reported Financial Times.
Grindr’s chatbot assistant, the Grindr Wingman, aims to alleviate user burnout by generating conversation prompts based on users’ unique profiles and chat histories.
“AI is going to help people make better connections,” said AJ Balance, Grindr’s chief product officer. He compared the AI to a friend at a bar who assists you in asking someone out but in a virtual context.
Tinder has also announced plans to use AI to support users throughout their dating journey within the next year.
The company has already begun a limited rollout of an AI profile-building tool, which selects the best images from a user’s photos. Bumble is also reportedly developing a similar feature.
The introduction of AI ‘wingmen’ comes as online dating platforms struggle to attract new users.
A survey by OnePoll in March found that over 75% of dating app users had experienced burnout, with 40% attributing their exhaustion to repeated failures to find a good match, the report noted.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: In its second quarter, Bumble reported a modest 3% increase in total revenue to $269 million.
Meanwhile, Match Group, the parent company of Tinder and Hinge, second-quarter earnings were in line with estimates, with revenues of $864.07 million, a 4% year-over-year increase.
Grindr reported revenues of $82.35 million for the quarter ending June 2024. This figure exceeded the Zacks Consensus Estimate by 6.39%.
Last year, in December it was revealed that Grindr has partnered with Ex-Human to power the in-house AI capabilities and improve user experience.
Image Via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by following this link.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
It has been about a month since the last earnings report for Match Group . Shares have lost about 3.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Match Group due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Match Group Q2 Earnings Meet Estimates, Revenues Up Y/Y
Match Group reported second-quarter 2024 earnings of 48 cents per share, in line with the Zacks Consensus Estimate. The bottom line remained flat compared to the year-ago quarter’s reported figure.
Revenues of $864.07 million increased 4% year over year and beat the Zacks Consensus Estimate by 0.9%. On an FX-neutral basis, revenues increased 8% from the prior-year quarter to $892 million.
Direct revenues were $848.13 million, up 4% year over year, whereas indirect revenues were $15.93 million, which increased 19% from the year-ago quarter.
Top-line growth was driven by strength in Tinder and Hinge. Also, solid momentum across the Americas and Europe regions was a positive.
Quarter in Detail
In the second quarter, the number of total payers decreased 5% year over year to 14.84 million. The figure beat the Zacks Consensus Estimate by 0.2%.
The number of total payers from the Americas decreased 13% year over year to 6.74 million, while the number of total payers from Europe increased 2% year over year to 4.5 million. Meanwhile, total payers of 3.61 million from Asia Pacific (APAC) witnessed a rise of 3% on a year-over-year basis.
Total revenues per payer (RPP) increased 9% year over year to $19.05. The figure beat the Zacks Consensus Estimate by 1%.
Region-wise, RPP increased 20% year over year in the Americas to $22.30 and 4% to $17.79 in Europe. However, in APAC, it declined 4% year over year to $14.55.
Direct revenues from the Americas were up 5% to $450.55 million. Direct revenues from Europe increased 5% to $240.19 million, and the same from APAC decreased 1% to $157.39 million.
Direct revenues from Tinder were up 1% year over year (4% on a FX-neutral basis) to $479.95 million. The figure beat the Zacks Consensus Estimate by 0.8%.
Tinder RPP rose 10% year over year to $16.61, driven by improved ecosystem health and a series of initiatives to raise the efficacy of Tinder by improving user outcomes.
Payers declined 8% year over year to 9.6 million. Tinder saw an acceleration in subscription revenue growth throughout the quarter.
Hinge revenues surged 48% year over year to $133.57 million, with a 24% year-over-year increase in payers to 1.5 million and a 19% year-over-year increase in RPP to $30. Hinge continued to grow in its English-speaking and Western European markets, with total downloads growing approximately 14% on a year-over-year basis.
Match Group’s Asia Direct revenues declined 4% year over year (up 9% on an FX-neutral basis) to $73.68 million, largely due to the impacts of forex exchange fluctuations. On an FX-neutral basis, Direct revenues at Azar and Pairs increased 14% and 2% year over year, respectively.
Evergreen and Emerging revenues declined 8% year over year to $160.94 million.
Operating Details
Total operating costs and expenses (76% of revenues) increased 7% year over year to $659.54 million in the second quarter.
Adjusted operating income was $306.4 million, up 2% year over year, representing an adjusted operating margin of 35%, which contracted 90 basis points.
Balance Sheet
As of Jun 30, 2024, Match Group had a cash and cash equivalent and short-term investment of $844 million compared with $921 million as of Mar 31, 2024.
As of Jun 30, 2024, MTCH had a long-term debt of $3.9 billion, unchanged sequentially.
During the quarter ended Jun 30, 2024, the company repurchased 6.4 million shares of common stock for $197 million. As of Jul 26, 2024, $528 million in aggregate value of shares of Match Group stock was available under its previously announced share repurchase program.
Guidance
Match Group expects third-quarter 2024 revenues in the range of $895-$905 million, indicating year-over-year growth of 2% to 3% on a reported basis and 4% to 5% on an FX-neutral basis.
Tinder Direct revenues are expected to be in the range of $505-$510 million, roughly flat year over year on a reported basis and up 2.5% year over year on an FX-neutral basis.
Across other brands, Match Group expects Direct revenues to be in the range of $375-$380 million, implying 5% to 6% year-over-year growth on a reported basis and 7% to 8% on an FX-neutral basis, with Hinge Direct revenues anticipated to be approximately $145 million, indicating year-over-year growth of 35%. The company expects Indirect revenues to be approximately $15 million in the quarter.
Adjusted operating income for the third quarter is anticipated in the range of $335-$340 million, with an adjusted operating margin of 37.5%.
For full-year 2024, Match Group expects year-over-year revenue growth of 5% on a reported basis and 7.5% on an FX-neutral basis.
Tinder Direct revenues are expected to witness 3% year-over-year growth on a reported basis and 5.5% on an FX-neutral basis.
Adjusted operating margin is anticipated to be approximately 36%.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended downward during the past month.
The consensus estimate has shifted -17.99% due to these changes.
VGM Scores
At this time, Match Group has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Match Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Zacks Investment Research
The rapid digital transformation of businesses across nearly all global industries is fueling significant expansion in the internet services market. Key factors contributing to this growth include the surge in e-commerce, the digitization of healthcare, increasing consumption of online entertainment, and government initiatives in e-governance.
An increasing number of people around the world are getting connected to the internet. According to Statista, as of July 2024, there were 5.45 billion internet users, which accounted for 67.1% of the global population. Moreover, there are a few emerging nations that could add to the internet population significantly.
Against this backdrop, let’s compare two internet stocks to analyze which internet content stock is a better buy: Yelp Inc. and Match Group, Inc. .
The Case for Yelp Inc. Stock
With a $2.3 billion market cap, Yelp Inc. operates a platform that connects consumers with local businesses in the United States and internationally. The company's platform covers various categories, including restaurants, shopping, beauty and fitness, health, and other categories, as well as home, local, auto, professional, pets, events, real estate, and financial services.
On July 23, 2024, YELP announced its Summer Ad Product Release to deliver more value to service businesses and national advertisers with a series of new features and updates.
The company rolled out features and updates for multi-location service businesses to help them seamlessly generate and manage high-intent leads, including Request a Quote for Brands with a new Leads API, and extended YELP Guaranteed, Verified License, and Portfolio to national services businesses.
YELP’s stock has plunged 19.6% over the past year to close the last trading session at $33.82.
YELP’s forward EV/EBITDA of 5.88x is 25.4% lower than the industry average of 7.89x. Its forward EV/Sales multiple of 1.37 is 28.3% lower than the industry average of 1.91.
For the fiscal second quarter that ended June 30, 2024, YELP’s net revenue grew 5.9% year-over-year to $357.02 million. YELP’s net income attributable to common stockholders stood at $38.04 million or $0.54 per share, up 158.2% and 157.1% year-over-year, respectively.
Analysts expect YELP’s revenue for the third quarter (ending September 2024) to increase 4.5% year-over-year to $360.54 million. Likewise, its EPS for the same quarter is projected to be $0.84. Moreover, the company has topped consensus estimates in each of the trailing four quarters, which is excellent.
YELP’s POWR Ratings reflect its promising outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
The stock has an A grade for Value and Quality. YELP is ranked #3 out of 51 stocks in the B-rated Internet industry.
In addition to the POWR Ratings I’ve just highlighted, you can see YELP’s ratings for Growth, Momentum, Sentiment, and Stability here.
The Case for Match Group, Inc. Stock
Valued at $9.08 billion by market cap, Match Group, Inc. engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty of Fish, Azar, BLK, and Hakuna, as well as various other brands, each built to increase users' likelihood of connecting with others.
MTCH’s stock has gained 2.3% over the past month to close the last trading session at $35.19.
MTCH’s forward EV/EBIT of 14.49x is 3.9% lower than the industry average of 15.08x. However, its forward EV/Sales of 3.45x is 80.7% higher than the industry average of 1.91x.
MTCH’s revenue for the fiscal second quarter ended June 30, 2024, increased 4.2% year-over-year to $864.07 million. In contrast, its net earnings decreased 2.9% year-over-year to $133.32 million. Additionally, the company’s net earnings per share attributable to MTCH remained flat at $0.48.
Analysts expect MTCH’s EPS for the quarter ending September 2024 to increase 4.4% year-over-year to $0.78, while its revenue for the same quarter is expected to increase 2.3% year-over-year to $901.88 million. It surpassed Street revenue estimates in each of the trailing quarters.
MTCH’s mixed fundamentals are reflected in its POWR Ratings. The stock has an overall C rating, translating to Neutral in our proprietary rating system.
MTCH has a C grade for Stability and Momentum. It is ranked #30 among 51 stocks in the same industry.
Yelp Inc. (YELP) vs. Match Group (MTCH): Which Internet Content Stock Is a Better Buy?
The global market for internet services has grown dramatically as a result of the growing adoption of digital technologies such as AI, IoT, cloud computing, data analytics, and social media across a variety of industry verticals.
Leading internet companies YELP and MTCH stand to capitalize on the optimistic industry outlook. However, YELP’s strong financial performance, cheap valuation and promising near-term outlook favor it as the better internet content stock pick.
Our research shows that the odds of success increase when one invests in stocks with an Overall Rating of Strong Buy or Buy. View all the top-rated stocks in the Internet industry here.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
2024 Stock Market Outlook >
MTCH shares were trading at $36.56 per share on Monday afternoon, up $1.37 (+3.89%). Year-to-date, MTCH has gained 0.16%, versus a 18.09% rise in the benchmark S&P 500 index during the same period.
Activist fund Elliott Management has made several moves in 2024 including targeting coffee chain Starbucks Corporation , which recently announced a new CEO.
A new 13F filing reveals three other key areas Elliott is increasing focus on.
Match Group: Online dating company Match Group Inc is one of the stocks that saw an increased position from Elliott in a new 13F filing.
Elliott Management owns 11,705,013 shares of Match Group, up 184% from a previous total of 4.125 million shares. The increased stake comes as activist hedge fund Starboard Value has acquired a reported 6.5% stake and is pushing for changes.
Starboard is pushing Match Group to expand its margins or consider a sale of the company. The hedge fund highlighted the strength of the Tinder and Hinge brands in its comments on the company.
Elliott Management took a stake in the company earlier this year and is also said to be pushing for changes.
Last month, Match Group reported second-quarter financial results, with revenue exceeding analyst estimates and earnings per share meeting expectations.
Match Group shares are down 3.6% year-to-date in 2024, as seen on the Benzinga Pro chart below. Match shares trade at $35.18 versus a 52-week trading range of $27.66 to $47.81.
Read Also: Benzinga’s ‘Stock Whisper’ Index: 5 Stocks Investors Secretly Monitor But Don’t Talk About Yet
Etsy Stake: Elliott Management doubled a stake in ecommerce company Etsy Inc in the second quarter. The fund now owns 4,500,000 shares, up from 2,250,000 shares owned previously.
Elliott's senior portfolio manager Marc Steinberg was added to the Etsy board of directors earlier this year as the activist investor pushes for changes after underperformance.
"Etsy has a highly differentiated position in the e-commerce landscape and a uniquely attractive business model, supported by a distinctive and engaged community. We became a sizable investor in Etsy and I am joining its board because I believe there is an opportunity for significant value creation," Steinberg said at the time.
Etsy recently beat second-quarter revenue and earnings per share estimates from analysts and said the copay is making progress on "bold moves." Active buyers were up 1% year-over-year in the second quarter.
Etsy shares are down 33.3% year-to-date, as seen on the Benzinga Pro chart below. Etsy shares trade at $54.03 versus a 52-week trading range of $51.45 to $89.58.
Airline Stocks: Elliott Management has made recent headlines for their stake in airline company Southwest Airlines Company and pushing for changes to the company's board of directors.
The 13F filing revealed additional purchases of shares of Southwest Airlines, bringing the total ownership to 48,948,500 shares, as indicated in a 13D filing.
Elliott plans to nominate 10 independent candidates for Southwest's board in the ongoing activist battle. Elliott is pushing for a change to the board, new leadership and a business review to boost the underperforming stock.
Southwest and Elliott have agreed to a meeting in September to discuss a resolution to their battle against one another. The airline company also has an Investor Day planned for late September that could offer more insight into its plans to turnaround the company.
The Elliott 13F filing also revealed U.S. Global Jets ETF puts owned, with a position representing 9,500,000 shares increasing 660% over the last quarter. Southwest is the largest weighting in the ETF representing 10.4% of assets, which could make the put a hedge against the Southwest stake or a belief that the entire airline sector could underperform.
The filing also showed 11.5 million shares of American Airlines Group represented by puts, potentially betting against one of the largest airlines and Southwest rivals.
Southwest Airlines stock is down 9.4% year-to-date in 2024, as seen on the Benzinga Pro chart below. Southwest shares trade at $26.17 versus a 52-week trading range of $21.91 to $35.18.
Read Next:
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