Third-quarter sales increased by 9% compared to the previous year, and operating profit rose by 16%. Despite a 5% decrease in subscribers, the average revenue per subscriber went up by 15%.
 
Tinder remains the primary driver of the Group with 58% of consolidated sales, but its growth in Asia-Pacific has been challenging, unlike its success in Europe and North America. The market reacted cautiously to the recent quarterly results, particularly due to the stagnant number of Tinder subscribers. Consequently, the share price has been adjusted from a multiple of x33 earnings to x15 earnings, indicating a shift from exponential growth to stability.
 
In the first nine months of the year, sales increased by 4%, and operating profit (before asset impairment) grew by 6% compared to the previous year. Match's Hinge platform, a successful venture generating significant sales, has been thriving, albeit at the expense of former Tinder subscribers.
 
Although Match's management has made commendable decisions, it's worth noting their high compensation, including substantial stock options that accounted for over half of the net income last year. Despite these challenges, there is a silver lining in the form of growing revenue per subscriber, which reached $18.39 in the third quarter, compared to $16.26 at the beginning of the year.
 
Tinder, with its strong network effect and prominent brand, might possess untapped pricing power, similar to what was discussed about McDonald's, demonstrating how this factor can make a difference even in mature businesses.