Grindr to See Continued Growth Momentum; Net Profit of $10M Expected in 2Q

LGBTQ+ social networking and dating app Grindr (NYSE: GRND) reported a net loss of $9.4 million for the first quarter of 2024. Visible Alpha consensus estimates show analysts anticipate the company to report a net profit of $10.2 million for the upcoming second quarter. At its inaugural investor day in June, Grindr outlined a strategy to expand its product offerings and improve user experience using AI.

For the full year, analysts project a 26% year over year increase in revenue, reaching $326 million, with an estimated average monthly active user base of 15 million. Net income is expected to reach $25.2 million in 2024, a rebound from the net loss of $56 million reported last year. Although other major dating apps in the U.S., such as those under Match Group (including Tinder and Hinge) (NASDAQ: MTCH) and Bumble (NASDAQ: BMBL), generate significantly larger revenues, Grindr, a relatively smaller and emerging app, is expected to experience more robust revenue growth during the forecast period. Grindr is scheduled to report its second-quarter earnings on August 8, 2024.