Industry

Momo ended 2018 on a mixed note. In the good column: revenue jumped 51 percent in the third quarter of the year and net income rose nearly 8 percent year-over-year. In the bad column: news broke that 30 million Momo users may have been affected by a data leak.

If there was any doubt then which column would win in the end, it’s long gone now. Momo is back on its feet and recently scored the coveted number one spot on Fortune’s 2019 list of Fastest-Growing Companies in the world. It’s the Chinese dating app’s first appearance on the annual top 100 list.

Match Group stock rose considerably after its second quarter earnings report was better than expected, thanks in large part to its star dating app Tinder.

According to Reuters, Match Group revenue for the three months ended June 30 was revealed in a recent earnings call with investors. It rose about 18% to $498 million, about $10 million higher than forecast. The company grew its average subscriber base 40.5% to 5.2 million in the same quarter, more than expected, thanks to its new features and the launch of Tinder Lite. Match now expects to add over 1.6 million average subscribers in 2019, much higher than the 1 million the company had forecast earlier. With all this good news, Match Group stock rose 17 percent.

Tinder Lite provides a version of the app that uses less storage and provides faster service, thanks to a scaled-down version of the famous swiping technology. It launched for Android phones in certain countries in both Southeast Asia and South America, where most people use less expensive Android phones and Internet speed is slower.

Gay dating app Grindr is headed towards an IPO again, now that the U.S. national security panel CFIUS has dropped its opposition.

Chinese gaming company Beijing Kunlun Tech purchased Grindr fully in 2018, but the Committee on Foreign Investment in the U.S. found this problematic and forced Beijing Kunlun to sell the app by June 2020. According to a report from CNBC, a source familiar with the situation said the efforts to sell Grindr by the deadline were continuing, even as plans for the IPO were moving forward.

Image: Bumble

Dating app Bumble is going all-in on its mission to empower women. The latest move is launching a new ad campaign to help combat loneliness, featuring activist and actress Jameela Jamil.

The #askingforafriend campaign launches August 4th in honor of International Friendship Day, and will focus on encouraging Bumble users to build friendships to counter the growing problem of loneliness around the world. According to studies, social media is part of the problem, with one in five people saying browsing through their feeds makes them feel lonely.

Bumble CEO Whitney Wolfe

Bumble CEO Whitney Wolfe Herd spoke out against parent company Badoo in the wake of allegations made by more than a dozen employees that it promoted a toxic work culture, especially for women.

An exclusive by Forbes revealed allegations made by thirteen former Badoo employees who worked at the company’s London headquarters, citing a sexist office culture with drug-fueled parties, employees naming engineering updates after porn stars, and a widely circulated video of an employee receiving oral sex from a prostitute.

Forbes also said the employees specifically named Badoo owner Andrey Andreev, who also owns a majority stake in Bumble, of making derogatory comments around race and physical appearance.

Tinder Lite on Google Play

Tinder has unveiled its new streamlined app after announcing its debut earlier this year. Tinder Lite will be available as a separate app for Android phones and can be purchased through Google Play.

The new Lite app was designed specifically for users in countries and regions where Internet connectivity is slow and most people have lower-cost phones. According to Tinder CEO Elie Seidman, who spoke at the 2019 Rise Tech conference in Hong Kong in mid-July, the new app “would run faster, consume less battery and reduce network usage by about 20 percent,” as reported by The Jakarta Post.