Q2 2024 Match Group Inc Earnings Call Transcript
Key Points
- Tinder is showing signs of stabilization with improving user and payer trends.
- Hinge's direct revenue grew nearly 50% year over year in Q2, demonstrating strong performance.
- Azar continues to perform strongly, driven by AI product innovation and successful expansion into Europe.
- Match Group Inc (MTCH) is integrating AI more deeply into Tinder to enhance user experience and trust.
- The company is committed to returning at least 75% of its free cash flow to shareholders through buybacks.
- Tinder payers declined 8% year over year, indicating ongoing challenges.
- Live streaming services are being exited due to declining novelty and significant investment requirements.
- Match Group Inc (MTCH) expects a workforce reduction of approximately 6% globally, indicating cost-cutting measures.
- The company experienced $6 million more in FX headwinds than anticipated, impacting financial performance.
- Evergreen brands' direct revenue declined 13% year over year, showing weakness in some parts of the portfolio.
Welcome to the Match Group second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Today's call will be led by CEO, Bernard Kim; and President and CFO, Gary Swidler. They'll make a few brief remarks and then we'll open it up for questions. Before we start, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate, or similar statements.
These statements are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports with the SEC. With that, I'd like to turn the call
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