Facebook testing its dating service in Columbia

Facebook (FB) is testing its much-anticipated dating service in Colombia before it considers bringing it worldwide. The service will not have the swipe function like Tinder. Instead, it’s based on algorithms that screen possible matches based on the user data Facebook already has.

That could give Facebook an advantage over other dating services. Facebook stock rose 1.4% after the news. The stock of Tinder’s parent company Match Group (MTCH) has fallen 5% since the news surfaced.

Facebook Is Finally Launching Its Dating Service

Facebook is not monetizing the service right away

Facebook claims it’s not trying to compete with Tinder, which is mostly used for hook-ups. Instead, it’s looking to compete with the likes of Match Group’s Hinge to find the user a life partner.

Facebook users in Columbia will be able to make a dating profile on the platform. However, Facebook won’t start making matches until there are enough users.

Facebook won’t monetize the dating service right away, but if it becomes popular, it could prove to be profitable and be a new stream of revenue for the company, which is seeing a slowdown in its user base.

Latest articles

19 Jul

Afya's IPO Sees Strong Listing Gains

WRITTEN BY Mohit Oberoi, CFA

Afya (AFYA) listed on the Nasdaq Global Select Market on July 19. The company priced its IPO at $19 per share.

19 Jul

What to Watch For in Amazon's Q2 Earnings

WRITTEN BY Sanmit Amin

e-Commerce giant Amazon (AMZN) is scheduled to report its second-quarter earnings results after the closing bell on July 25.

19 Jul

Barrick Gold Reaches Deal to Buy Acacia Mining

WRITTEN BY Anuradha Garg

After a long standoff, Barrick Gold (GOLD) and Acacia Mining (ABGLF) have reached an agreement.

19 Jul

Comcast Shares Pop on Goldman's Optimism

WRITTEN BY Ruchi Gupta

Comcast (CMCSA) shares popped after Goldman Sachs issued a positive note on the company recently. Goldman upgraded its rating for Comcast to "buy" from "hold."

19 Jul

Why Analysts Are Bearish on Netflix Stock

WRITTEN BY Aditya Raghunath

Netflix stock fell over 10.0% on Thursday and is down 0.5% today as well.

On Thursday, pet retailer Chewy (CHWY) reported its first-quarter results after the market closed. The company reported its earnings for the first time.