Shares of Match Group (MTCH -9.61%) were falling today after the leader in the online dating market posted disappointing results in its first-quarter earnings report.

The stock closed down 9.6% on the news.

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Match Group wants a do-over

The Tinder parent posted another underwhelming round of results with revenue falling 3% to $831.2 million, though that was ahead of the consensus at $827.4 million.

Paying users declined 5% to 14.2 million even as the company rolled out several new features on Tinder, including artificial intelligence (AI)-enabled Discovery and Double Date with an aim at creating more social, low-pressure experiences for Gen Z users.

It also said Hinge's new AI-powered recommendation algorithm increased matches and contact exchanges by 15%.

Still, profits were moving downward with revenue as operating income declined 7% to $173 million. Adjusted operating income was also down from $279 million to $275 million. Thanks in part to share buybacks, earnings per share was flat at $0.44.

New CEO Spencer Rascoff said: "In my first full quarter as CEO, we've moved quickly to reinvigorate the business and this quarter's results show early traction. In just a few months, we've unlocked significant cross-company synergies, reorganized our largest business unit, accelerated product development, and brought greater focus and discipline to how we work."

Rascoff also said he was cutting 13% of staff as part of his turnaround plan.

Can Match bounce back?

Reviving Match Group won't be an easy task; there seems to broad-based fatigue with dating apps, as its declining user base and efforts to adjust to Gen Z tastes show.

Looking ahead to the second quarter, the company expects revenue to be between flat and down 2% at $850 million to $860 million, and for adjusted operating income to come in at $295 million to $300 million, down 2% to 4%.

Match is clearly profitable and the stock is cheap, but investors will need to see an earnest return to growth in order for the stock to recover.