One chart shows just how much Grindr is trouncing the competition

The hookup app is entering its cuffing era.

6/26/24 12:13PM

Grindr, the gay hookup app, is looking for longer-term love. And it’s finding it — from investors.

While its peers Match Group and Bumble have had a mostly terrible ride on the stock market this year as they struggle to grow paying subscribers amid widespread complaints about online dating, Grindr has bucked the trend. Its stock is up more than 30% year-to-date, thanks to growing usership and an increased revenue outlook.

Ahead of its first Investor Day, the company said that more than half its users are looking for stable, long-term relationships — something Grindr is hoping to facilitate with added features like AI that steers people towards others with similar interests beyond hooking up.

Grindr isn’t the only dating app hoping to shed its hookup app roots. Match Group’s Tinder has been trying to do the same, though it’s been less successful. Last month Tinder reported its sixth straight quarter of paying user declines.

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eBay stock slumps on gloomy Q4 outlook despite solid Q3 earnings

Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

However, concerns about the future somewhat overshadowed these results.

eBay outlined its profit outlook for the period ending in December to $1.31 to $1.36 a share, with revenue at $2.83 billion to $2.89 billion. According to Bloomberg-compiled data, this broadly matches Wall Street’s estimates for the top line, but misses on the bottom line, with analysts forecasting EPS to come in at $1.39 — suggesting the company expects some further margin pressure.

The company has been facing macroeconomic challenges since the US ended the de minimis tariff exemption in late August, with the online marketplace reliant on shipments. One small silver lining? CFO Peggy Alford highlighted a “less durable trend” on a post-earnings call: that as commodity prices for precious metals boomed, demand for bullion and collectible coins on eBay spiked.