By Christiana Sciaudone
Investing.com - Tinder’s got a new man, and it’s sent investors into a tizzy.
Shares of Match Group (NASDAQ:MTCH) jumped Tuesday after the announcement that Jim Lanzone was named chief executive officer of the more lascivious dating app. The stock is up about 8% to a record high.
Tinder's direct revenue grew 31% year-over-year, driven by 28% average subscriber growth and 2% growth in average revenue per user in the first quarter, the company said in a May 5 statement. Tinder averaged 6 million subscribers in the first quarter.
Lanzone joins Tinder from Benchmark Capital where he served as an executive-in-residence. He was previously chief digital officer of CBS Corporation (NYSE:CBS_old) and president and chief executive officer of CBS Interactive. He replaces Elie Seidman, who led Tinder since 2017.
"I'm very excited to welcome Jim to Match Group," said Match Chief Executive Officer Shar Dubey.
“Tinder still has so much runway ahead, and as we look to integrate video, roll out new features in various regions and accelerate our growth around the world, Jim will be a formidable leader for the company,” Dubey said in a statement. "We have an enormous opportunity to deliver on our mission, bring more people to the product and reimagine the user experience across different markets."
Match Group publishes its second quarter financial results on Aug. 4.