The firm said it expected total revenue between $855 million and $865 million for the quarter ending December

Tinder-owner Match Group on Tuesday forecast Q4 revenue below estimates, as persisting inflation and unrest in some markets weigh on growth at some of its major dating platforms, sending its shares around 8% lower.

The firm said it expected total revenue between $855 million and $865 million for the quarter ending December, which includes the effect of a strong dollar and risk to revenue from Israel.

Analysts were expecting $895.2 million, as per LSEG data.

U.S. consumers are wary of spending on discretionary items like dating app subscriptions because of economic uncertainties, also prompting advertisers to keep their spending tight.

That has, in turn, affected its dating platforms, which include Hinge, OKCupid, and Plenty of Fish. Tinder, its biggest brand, grew revenue by 7% in 2022 compared to its chief rival Bumble, which expanded its top line at twice that rate.

To revive growth in its main apps and counter the threat from Bumble, Match has rolled out a number of new features, including weekly subscription plans and new engagement and privacy features across Tinder and Hinge.

Tinder last month introduced an invite-only $499 per month offering with perks including the ability to be seen by more users.

In Q3, revenue increased 9% to $882 million, beating analysts’ estimate of $880.6 million, as per LSEG. Sales in the Americas, which accounts for more than half of its revenue, increased 10%, while those in Europe were 17% higher.

Excluding items, Match earned 57 cents per share, compared to 54 cents.

Direct revenue at Tinder and Hinge, its top two dating platforms, rose 11% and 44% respectively. Paying users across its apps dropped 5% to 15.7 million, while revenue per payer’ increased 15% to $18.39.