Tinder's parent company, Match Group Inc, plans to cut 6% of its global workforce amid a continued slump in users paying for its most popular dating app.
It said job cuts would largely stem from shutting down its live-streaming app Hakuna and removing live-streaming features available in some of its dating apps. Tinder is increasingly being challenged by rival dating apps such as Bumble, which reported an increase in its number of paying users last quarter.
"A lack of innovation seems to be a key bugbear and activists are putting pressure on the company to come up with some new ideas to drive up user numbers."on the company to improve its performance and deliver more value for shareholders - for whom the company's stock price has been trading down at more than 60% on its 2021 peak.