Grindr, the popular dating app, experienced a boost in stock shares as it announced a profitable second quarter and higher revenue. The company’s stock climbed 12% to $5.25, and the overall increase for the year has reached 13%.
In comparison to the previous year, Grindr showcased significant improvement in its financials. For the second quarter ending on June 30, the company reported a net income of $22.3 million, or 13 cents a share, compared to a loss of $4.3 million, or 3 cents a share, in the same period last year. The revenue also saw a notable increase, rising from $46.6 million to $61.5 million.
Looking ahead, Grindr has high expectations for the coming years. The company has revised its revenue growth forecast for 2023 to more than 28%, surpassing its previous projection of over 25%. This positive outlook is attributed to the success of its first-half performance and the introduction of a weekly subscription offering, which has been met with exceptional demand.
Chief Executive George Arison expressed his satisfaction with the outcomes, stating, “Our recently-launched weekly subscription offering was met with high demand and contributed to a great top-line result for the quarter.”
Grindr’s achievements in profitability and revenue growth reflect its ongoing success in the competitive dating app market.