(Reuters) – Match Group Inc beat Wall Street estimates for fourth-quarter revenue on Tuesday as demand for its dating apps Tinder, Hinge and Pairs jumped in regions where COVID-19 cases have declined.
The pandemic-induced lockdowns forced people to stay indoors, but Match has been able to keep users interested in its services by adding a slew of new features to boost interaction in the new setting.
Match’s flagship app Tinder, with 66 million average monthly active users, dominated the dating market worldwide with 53.8% of the market share during the quarter, according to analytics firm Apptopia.
Match said Japan had become its second-highest grossing market behind the United States, with revenue in the Asian country surging more than 600% in the past five 5 years on the success of Pairs.
The company also pointed to an improvement in first-time subscriber trends in markets such as India, where COVID-19 infections have fallen considerably.
Average subscribers on Match’s apps increased about 12% to 10.9 million in the quarter ended Dec.31.
The company’s total revenue rose 19% to $651.4 million, beating analysts’ estimates of $648.8 million, according to IBES data from Refinitiv.
Net earnings attributable to Match shareholders rose to $140.6 million, or 48 cents per share, from $100.4 million, or 48 cents per share, a year earlier.
(Reporting by Tiyashi Datta and Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)