Grindr climbs after raising revenue growth outlook

Grindr

09/08/2024 16:21

** Shares of Grindr  GRND.N  up 7.8% at $11.53 
    ** The dating service for the LGBTQ+ community raises FY24
revenue growth estimate to 27%; earlier co expected to deliver
20%-25% revenue growth
    ** Raises adj EBITDA margin forecast to 45% from 39%-42%
earlier
    ** Reports Q2 revenue of $82.4 mln, above average estimates
of 3 analysts covering the stock, per LSEG data
    ** Topline growth was driven by both average revenue per
paying user and new user additions - TD Cowen
    ** With current gains, stock is valued at $2 bln after
soaring over 80% in the past 12 months

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Grindr overtakes Bumble in market value in March    https://tmsnrt.rs/4cmEzl1
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 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))