Company: MTCH
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000891103-25-000124
Chunk: 53

Company: Match Group, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 with World ID.

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024

Tinder Direct Revenue declined $52.9 million, or 5%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 7% decrease in Payers, partially offset by a 1% increase in RPP. Additionally, revenue was negatively impacted by the strength of the U.S. dollar compared to the Brazilian Real, Argentine Peso, and Turkish Lira. On a consistent foreign exchange rate basis, the decline was $46.2 million or 5%.

Hinge Direct Revenue grew $62.4 million, or 24%, in 2025 versus 2024. Revenue growth was driven by both growth in the U.S. market as well as continued expansion efforts in certain European markets. Payers increased 18% compared to 2024, and RPP increased 5% over 2024, as a result of pricing optimizations.

E&E Direct Revenue declined 10% in 2025 versus 2024. The overall decline at E&E was driven by a decline in Payers of 15% compared to 2024, partially offset by increased RPP of 6%. The decline is also partially due to our decision to terminate certain live streaming services in the second half of 2024.

MG Asia Direct Revenue declined $12.6 million, or 9%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue increased $0.9 million, or 1%. Revenue was also negatively impacted by the strength of the U.S. dollar compared to the Turkish Lira, partially offset by weakness to the Japanese Yen.

Indirect Revenue increased primarily driven by the factors described above in the three-month discussion.

Cost of revenue (exclusive of depreciation)

For the three months ended June 30, 2025 compared to the three months ended June 30, 2024

Three Months Ended June 30,2025$ Change% Change2024(Dollars in thousands)Cost of revenue$241,938 $(3,050)(1)%$244,988 Percentage of revenue28%28%

Cost of revenue decreased primarily due to a decrease in Variable Expenses of $12.6 million predominantly at MG Asia and E&E as a result of the termination of the Hakuna app and