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Pinterest, Tinder parent latest to slash jobs

Pinterest, Tinder parent latest to slash jobs
Photo Credit: Pixabay
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Dating app Tinder’s parent company, Match Group, is cutting down on its global workforce by 8%. The news comes after the forecast first-quarter revenue fell short of analysts' estimates, said the company’s chief financial officer Gary Swidler. The layoffs will affect 200 people, mostly in the recruiting roles; the company has about 2,500 full-time and 40 part-time employees.

As per a Bloomberg report, the company expects the first quarter revenue of $700-800 million, missing the analysts’ estimates of $816 million. The company, which also owns apps like Hinge and OkCupid, is reviewing how to control spending in areas like marketing, jobs, and office spaces, and preparing to focus more on higher-growth businesses. In a statement, the Match Group said that it expects an expense of $6 million in severance packages. 

Another social app Pinterest is reportedly laying off 150 employees or about 5% of the workforce, across teams. The company said that it is making organisational changes ‘to deliver against our company priorities and our long-term strategy’, as reported by The Verge. The company did not confirm the number of jobs being cut but said that the laid-off employees will get benefits, separation packages, and other services.

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Notably, the company had a round of layoffs in December 2022 affecting employees in the recruiting team. The company had said at that time that it was slowing down hiring amid the global economic slowdown.

Amid the economic slowdown, several big tech companies have axed multiple jobs. As per tracking website layoff.in, in 2023 alone, over 80,000 people have been fired from more than 250 companies. The most prominent ones include Amazon (18,000 jobs). Google (12,000), Meta (11,000), and Microsoft (10,000). 


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