Grindr Reports Strong FY24 Growth, Plans $500M Buyback

Grindr Inc. reported a strong fiscal year 2024 with a 33% revenue growth, reaching $344.6 million, and announced a $500 million stock repurchase program, reflecting confidence in its future. Despite these positive results, the company expects slower revenue growth of 24% in 2025, attributed to a decline in its average monthly active user base from 14.6 million to 14.2 million in Q4. Grindr's net loss widened to $124 million, impacted by a significant non-cash accounting loss, but its revenue exceeded analyst expectations, indicating resilience. The CEO, George Arison, emphasized the company's vision of evolving Grindr into a multifaceted social network while preparing for product monetization strategies. Analysts remain optimistic about Grindr's potential for growth, with rating upgrades from Citizens JMP reflecting the company's long-term outlook. However, concerns linger among investors regarding user engagement as the company navigates its changing dynamics in the competitive dating app market.