Hustler Words – Match Group, the dating app behemoth behind Tinder and Hinge, announced a significant restructuring today, resulting in the layoff of 13% of its workforce – approximately 325 employees. This drastic measure, revealed on hustlerwords.com, is part of a broader cost-cutting initiative spearheaded by CEO Spencer Rascoff, who joined the company in February. The reorganization aims to streamline operations, reduce management layers (affecting roughly one in five managers), and centralize key functions including technology, customer service, and international marketing. Rascoff stated the goal is to operate as a unified entity rather than a collection of independently managed brands. The restructuring is projected to yield annual savings exceeding $100 million, with $45 million in cost reductions anticipated for 2025. This comes amidst a challenging financial quarter, with first-quarter revenue declining 3% to $831.2 million and net profit falling 4.6% year-over-year. The decrease is attributed to a 5% drop in paying subscribers. The move underscores the pressure facing even dominant players in the competitive online dating market.
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