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Grindr Inc.
GRND,
posted higher revenue and lower net income in the latest quarter as it outlined how it will drive monetization efforts in 2023.
The social network and dating app posted net income of $5.2 million for the fourth quarter compared to $6.5 million a year earlier. Revenue rose to $54.5 million from $45 million.
The company guided for 25% revenue growth for full year 2023. It recorded about $195 million for full year 2022.
The West Hollywood, Calif.-based company said the core way it will drive monetization in 2023 will be through pricing and plan optimization, as well as increased monetization of features and services that it’s already built.
Grindr shares sank 11% in after-hours trading.
Grindr began trading on the New York Stock Exchange in November after completing its merger with special-purpose acquisition company Tiga Acquisition Corp.
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