Spark Networks Beats Guidance on Second Half 2020 Financial Results
Spark Networks has published its financial results for the full year 2020, which includes a closer look at the results for the second half of the year as well.
Overall, the numbers were very positive, with the second half’s total revenue being reported as $118.9 million. This helped revenue for the full year reach $233 million, a 36% increase compared to 2019.
Adjusted EBITDA for the full year also experienced a significant year-on-year growth of 166%.
Bert Althaus, Spark Networks’ CFO, proudly stated that the final 2020 numbers exceeded both the top and bottom line financial guidance. Althaus was included in The GDI Power Book in February as recognition for the company’s improving finances.
Despite the number of average paying subscribers across the portfolio slightly falling in the second half, the monthly average revenue per user jumped by almost 12%, which helped keep the financial figures moving in the right direction.
CEO Eric Eichmann explained in a statement: “Our financial and operational gains for the Second Half and Full Year 2020 are a testament to the strength of Sparks’ top brands, which performed well during truly unique market conditions.
“Successful product improvements and expanded marketing capabilities led to higher user engagement and improved ARPU levels in 2020. Going forward, we are excited about our growth potential as we fulfill our ambition to become the leader in social dating for meaningful relationships in this rapidly expanding sector.”
Earlier this week, Spark Networks announced that it was working with ParshipMeet Group to offer a livestreaming video feature to Zoosk users. The initial rollout is scheduled for Q2, with a potential release on other platforms in the near future.
Both pieces of news have impressed investors and, at the time of writing, Spark Networks’ stock price has increased by approximately 20% since the close of play last Friday. It’s also inflated by almost 50% from the beginning of January.
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