Spark Networks Expects To Fully Exit San Francisco By End Of June 2020

(RTTNews) - Spark Networks SE (LOV) said it expects to shed more than two-thirds of the San Francisco headcount by year end, 80% by the end of April 2020, and to fully exit San Francisco by the end of June 2020.

Spark Networks noted that it is progressing toward its goal of delivering over $50 million in 2020 adjusted EBITDA once Zoosk acquisition has been fully integrated.

The company said it is on track with its integration efforts at Zoosk and have consolidated marketing teams and technology efforts, allowing it to reduce headcount by 40%.

The company noted that it will consolidate the serious dating segment and expects the segment will become a highly profitable core for its business.

Looking to 2020 and beyond, the company expects to utilize a portion of the cash generated by its serious dating brands to augment its portfolio through new freemium product launches and further geographic expansion.