As more users of the dating app Tinder turned to paid subscriptions in search of matches and connections, Match, the parent company of Tinder, exceeded quarterly revenue projections.

This caused the company's shares to increase 16% on Tuesday. The figures are good news for the business, which has had a rough year due to analyst worries over CEO changes and subpar implementation of new features on its dating apps. The pressure to spend has increased along with rising inflation. Refinitiv data shows that despite the odds, the business's revenue for the three months that ended September 30 came in at $810 million (about Rs 6,700 crore). 

Due in part to the reinstatement of a function that allows users to swipe right and left from their desktops, Tinder's revenue increased by 6% and the number of its paying customers increased by 7%. The business does predict a flat increase in revenue for Tinder in the fourth quarter.

In a letter to shareholders, Chief Executive Bernard Kim and Chief Financial Officer Gary Swidler stated that 'Product execution is already improving.'

However, he cautioned that Match's brands that cater to low-income customers are being impacted by a weaker global economy, which is also having an impact on discretionary spending on its applications.

Plans to combat the recession with lower marketing and headcount-related costs are anticipated to have flat profits in 2023. In extended trading, the company's shares were priced at $51.21 (about Rs 4,240). This year alone, they have decreased by 66.1%.

Match predicts fourth-quarter revenue of between $780 million and $790 million (about Rs 6,450 crore and Rs 6,540 crore), which is less than the market estimate of $809.2 million (around Rs 6,700 crore) because it anticipates earning an extra $14 million. (approximately Rs. 115 crore) was affected by a higher US currency than anticipated.

The firm announced that a search is currently underway to fill the position of Tinder CEO, which has been open since Rennet Nyborg's abrupt resignation in August.