(Reuters) -Match Group ( MTCH ) forecast annual revenue below Wall Street estimates as users cut back spending on dating apps, sending the Tinder parent's shares down 9.5% after the bell on Tuesday, with the company also naming a new CEO.

Online dating apps have been seeing a slowdown in demand and user engagement over the past few years as economic uncertainty and a lack of new features kept subscribers on the sidelines.

Match Group ( MTCH ) - which offers other dating app services such as Hinge, OkCupid and Plenty of Fish - faces competition from rival Bumble's eponymous dating app and social media companies.

Match named Spencer Rascoff as its chief executive officer, effective immediately, succeeding Bernard Kim.

The CEO appointment "likely reflects the company's strategic goals regarding AI-driven business transformation across Match Group's ( MTCH ) app portfolio," M Science research analyst Chandler Willison said.

The company expects revenue in the range of $3.38 billion to $3.50 billion for the full year 2025, compared with the average analyst estimate of $3.50 billion, according to data compiled by LSEG.

The number of users who pay for Match's apps fell in the fourth quarter ending Dec. 31 to 14.6 million.

Revenue fell 1% to $860.2 million, but beat estimates of $858.7 million.