Grindr sees revenue and user growth in Q2, raises full-year guidance

By Victor Swezey

Grindr (GRND) raised its full-year guidance after growing its revenue and user base in the second quarter.

The LGBTQ dating app on Thursday reported a loss of $22.4 million, or 13 cents per share, compared with a profit of $22.3 million, or 13 cents a share, last year.

Revenue rose 34% to $82.3 million from $61.5 million.

Average paying users grew 14% to 1.1 million, while monthly active users grew 7% to 14.1 million.

The West Hollywood, Calif.-based company said its performance for the quarter was driven by better merchandising of premium features, improvements to paid tiers and the launch of the "Unlimited Weekly" feature at the end of the last quarter.

Grindr raised its full-year guidance for revenue growth to 27% or greater, and adjusted their margin for earnings before interest, taxes, depreciation and amortization to 42% or greater. The company had previously forecasted revenue growth of 23% or greater and adjusted EBITDA margin of 40% or greater.

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08-08-24 1847ET

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