Shares of Grindr Inc. (NYSE: GRND) experienced a sharp after-hours plunge of 18.11% on Thursday, following the release of the company's second-quarter earnings report that fell short of analyst expectations. The significant drop reflects investor disappointment with the social networking app's financial performance.
Grindr reported quarterly earnings of $0.08 per share, missing the analyst consensus estimate of $0.11 by 27.27%. Despite the miss, this figure represents a substantial improvement from the $0.13 loss per share reported in the same period last year. Revenue for the quarter came in at $104.22 million, slightly below the expected $105.11 million, but still marking a 26.57% increase from the $82.34 million reported in the previous year.
While Grindr demonstrated significant year-over-year growth in both earnings and revenue, the failure to meet analyst projections appears to have spooked investors. The after-hours sell-off suggests that market participants may have been pricing in more optimistic figures, and the earnings miss could raise concerns about the company's ability to meet future growth expectations in an increasingly competitive social networking landscape.
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