The end of the ‘match’? Tinder owner made announcements regarding the company’s future

Match Group, the US company that owns dating apps like Tinder, OkCupid or Meetic, will carry out a template adjustment that will affect 8% of its workforce globallywhich will mean the departure of some 200 workers, as announced by the multinational after presenting its annual accounts.

“We expect to reduce our global workforce by approximately 8%,” announced Match Group’s chief financial officer, Gary Swidler, during a conference call with analysts following the publication of the multinational’s results.

In this sense, Match Group recorded net attributable profit of $361.9 million in 2022 (333 million $), 30.3% more than in 2021.

Dating apps are a very popular resource among singles looking for a partner. – Photo: Getty Images/iStockphoto

On the other hand, the company’s income totaled 3,189 million dollars for the year as a whole, 6.9% more, including 1,794 million dollars generated by Tinder.

However, Match Group’s costs in the year amounted to 2,673.8 million dollars (2,464 million $), 25.5% more.

Between October and December, the company posted net attributable profit of $84.5 million, compared to a loss of $168.6 million in the same period of 2021, while revenue fell 2.5% to $786. millions of dollars.

Dexter scammed his victim he met on Tinder between 2015 and 2017. Photo: Gettyimages.
Match Group, the American company that owns dating applications such as Tinder, OkCupid or Meetic. Photo: Gettyimages. – Photo: PhotoGettyimages

For the first quarter of 2023, Match Group expressed confidence in reaching a revenue range of between $790 million and $800 million.with an adjusted operating profit of between $250 and $255 million.

Match Group shares fell as much as 9% after the company’s forecasts fell short of market consensus expectations.

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Wave of layoffs in multinationals

The Dutch manufacturer of medical devices Philips announced a cut of 6,000 jobs worldwide, which is added to the abolition of 4,000 jobs decided in October.

This announcement is due to new losses caused by a mass recall of sleep respirators with manufacturing defects.

This “difficult but necessary reduction of our workforce” will take place between now and 2025Philips CEO Roy Jakobs announced in a statement.

The year 2022 was “very difficult for Philips and our shareholders and we are taking strong steps to improve our efficiency and increase performance urgently,” Jakobs said.

The United States still does not reach unemployment figures that were before the pandemic
This announcement is due to new losses caused by a mass recall of sleep respirators with manufacturing defects. – Photo: Getty Images/Peter Dazeley

The Amsterdam-based firm announced net losses of 105 million $ ($114 million) in the fourth quarter of 2022 and 1.605 million $ in the whole of last year, largely due to the withdrawal of respirators.

IBM and other technology leaders

On the other hand, the American computer giant IBM will cut some 3,900 jobs, just over 1% of its workforcerelated to the activities that it has liquidated, indicated on Wednesday to the AFP a source close to the matter.

However, the New York state-based computer company did not discuss job cuts in its quarterly earnings report released Wednesday or on a call with analysts to discuss financial results.

IBM said it would take a one-time payment of $300 million in its first quarter of this year.which according to the source was related to the layoffs.

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This cost is “fully related” to the spin-off of Kyndryl and the divestiture of healthcare data and analytics businesses, an IBM spokesperson told AFP.

Why have there been massive layoffs at big companies like Google, Amazon, Meta and Microsoft recently?
Amazon, Meta, Microsoft and Google’s parent company Alphabet have all recently filed downsizing plans – Photo: Getty Images

“It is not an action based on the results of 2022 or on expectations for 2023,” the spokesperson added.

The technology firm, founded in 1911, registered a profit of 2,900 million dollars in the last three months of last year, 17% more than in the same period of 2021despite revenue remaining flat at $16.7 billion.

The company announced late last year that it will invest $20 billion in semiconductors, quantum computing and other cutting-edge technologies in New York state.

Thus, IBM joins other technology giants that have laid off workers to face harsh global economic conditions and a return to a pre-pandemic lifestyle, less dependent on digital services.

Amazon, Meta, Microsoft and Google’s parent company Alphabet have all recently filed downsizing plansafter making large hires during the pandemic to meet the growing demand.

*With information from AFP and Europa Press.

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