Hinge's success continues unabated, while Tinder - which still accounts for 57% of consolidated sales - is struggling.

As we pointed out last year, to counter a growth potential that was running out in a saturated market, Match passed significant price increases on all its platforms - and on Tinder in particular.

This resulted in the desertion of cohorts of users modestly described as "budget-sensitive". The exodus is particularly marked in North America, where Match has lost a million users over the past twelve months.

Moreover, while sales have risen thanks to price increases, the cost structure has also followed the trend. As a result, operating profit in the first quarter of 2024 was lower than at the same time last year.

Unfortunately, this development has not prevented management from increasing its stock option remuneration by half in the meantime. Understandably, shareholders are feeling the pinch, especially as there are substantial reservations about the reliability of the management's investor communications.

The situation is interesting, however, since Match expects to generate $1.1 billion in free cash flow - before stock option compensation - this year, which in the face of a market capitalization of $8 billion cannot fail to attract attention.

In fact, the formidable activist fund Elliott - discussed last week in our columns, see Southwest Airlines Co: Unusual brutality - recently acquired a stake in Match, and secured the appointment of two directors to head the company.

MarketScreener analysts expect to see the thorny issue of stock options regulated over the coming months, while share buy-backs are set to accelerate.