Match Group, Inc. (MTCH) stock fell 3% today after the online dating provider announced financial results for the fourth quarter and full year of 2021.
Total revenue for the fourth quarter was $806 million, a 24% jump from the same period last year.
Fourth-quarter diluted EPS was reported at a loss of ($0.6), compared to $0.5 for the fourth quarter of 2020.
Total revenue for 2021 was $2.9 billion, a nearly $600 million increase from 2020.
Match Group has more than 45 brands of online dating sites, including Tinder, Match.com, OkCupid, PlentyOfFish, and Meetic.
Match Group saw growth in its two key brands, Hinge, and Tinder, over much of 2021.
Tinder Direct Revenue grew 23% over the prior-year quarter, driven by 18% Payers growth to 10.6 million.
Match Group also revealed that Tinder steadily grew users on a year-over-year basis in all four quarters of 2021.
Additionally, management stated that engagement on the platform "continues to be robust," with daily average Swipe and messaging activity at or near all-time highs in Q4 2021.
Hinge also had a stellar quarter, with Shar Dubey, Match CEO, stating that Hinge continues to be a "standout among emerging brands."
Hinge more than doubled Total Revenue in 2021 on a year-over-year basis to just under $200 million, and is now focused on international expansion.
The app expects to begin launching in select European countries in Q2 2022.
Despite the growth, Dubey stated that "continuing COVID impacts, especially in certain Asian markets like Japan and more recently due to the emergence of Omicron, which reduced mobility in many markets starting in early December."
Roadmap for the Metaverse
Much of Match Group's press release focused on the company's upcoming transition to a more metaverse-focused product.
Dubey commented, "The next digital evolution into the metaverse presents us many opportunities, and we’re confident we’re positioned to capitalize on them."
"Korea has been an early adopter of metaverse experiences, and our Hyperconnect team there has a number of initiatives underway which we plan to leverage across our business as we enter this next phase, as we are doing with their live video and audio capabilities."
Tinder also continues to roll out Tinder Coins, their in-app virtual currency, which is now in a dozen countries.