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What is happening with Spark Networks SE (LOV) stock?

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On 31st March 2021, Spark Networks SE (LOV) reported second half and full year financial results of 2020. The announcement led to the 7.11% increase in LOV stock in after-market trading session. A day prior, LOV stock price increased 18.72% after Spark announced that it will deliver live streaming video to Zoosk, its largest brand.

About Spark Networks SE

Spark Networks SE is a worldwide dating company, headquartered in Berlin, Germany and has offices in Utah and New York. Originally Spark started as JDate, dating sight for the Jewish community, in 1997. The current Spark Network SE was formed in 2017 as a result of merger between Affinitas GmbH and Spark Networks, Inc. Spark Networks has a widening portfolio of freemium and premium applications that include EliteSingles, SilverSingles, Zoosk, JSwipe, Christian Mingle, JDate and much more. After the acquisition of Zoosk, Inc. Spark became the second largest dating company in North America in terms of revenue. What started as a small startup, now has a presence in 29 countries, is second largest publicly listed dating company and currently has almost one million monthly paying subscribers from all over the world.

Spark Networks second half and full year financial report

Spark Networks SE announced the financial results of second half and full year 2020. The key performance indicators of the financial report are as follows:

  • The average monthly paying subscribers decreased to 941,104 in the second half of 2020 as compared to 2019’s 1,017,321 subscribers of the same period. For the full year, the, average paying subscribers increased 27%.
  • The monthly average revenue per unit increased by 11.8% to $21.05 in second half of 2020 as compared to the prior year’s $18.83. The average revenue per unit for full year of 2020 increased to $20.93 in comparison to $19.48 of the previous year.

The announcement of the financial results led to 7.11% increase in LOV stock in after-hours trading session. The LOV stock closed at $7.45, increasing 0.4% on 31st March, 2021, as compared to the previous day.

Spark Networks announces livestreaming video for its users

On 30th March, 2021, Spark announced that it will be bringing livestreaming video services for its users Zoosk, its largest brand. This will be done with an agreement with the leading interactive dating solutions provider, ParshipMeet group. This will allow the users to make new informal connections in a fun and interactive manner. Investors responded positively to the news and LOV stock increased by 18.72%.

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