Kim, CEO of Match Group, admitted in a shareholder letter late Tuesday that Tinder has not been able to achieve its typical monetization success in recent quarters.

Tinder CEO Renate Nyborg resigned after less than a year on the job, following the company’s disappointing second-quarter results.

Match Group, Tinder’s parent company, also announced a halt to plans to implement virtual currencies and metaverse-based dating.

“Given the uncertainty about the ultimate contours of the metaverse and what will or will not work, as well as the more challenging operating environment,” Match Group CEO Bernard Kim said.

Kim admitted in a shareholder letter late Tuesday that the dating app has not achieved its typical monetization success in recent quarters.

He announced Nyborg’s departure, as well as changes to the management team and structure.

“While we look for a permanent Tinder CEO, I will lead a newly formed team of executives who will manage day-to-day operations and ensure the Tinder organization is well coordinated, ships great new features at a faster pace, and delivers on Tinder’s promise,” Kim explained.

Kim has asked Match Group Americas CEO Amarnath Thombre to advise the senior team on the “Tinder product roadmap and growth drivers.”

“Thombre has over 15 years of Match Group experience.” He was heavily involved in Tinder’s key successes, particularly in designing high-impact monetization features like the Boost feature and Tinder Gold subscription, and more recently has overseen the phenomenal success of Hinge following our acquisition, according to the Match Group CEO.

Total revenue increased 12 percent year on year to $795 million.

“Tinder Direct Revenue increased 13 percent over the prior-year quarter, driven by a 14 percent increase in Payers to 10.9 million,” the company said.