© Reuters. Why Match Stock Sunk After-Hours
Benzinga – by Ryan Gustafson, Benzinga Staff Writer.
Match Group, Inc. (NASDAQ: MTCH) shares are trading lower in Tuesday’s after-hours session after reporting third-quarter results and issuing fourth-quarter guidance.
What To Know: The parent company of the Tinder dating app reported quarterly earnings of 57 cents per share, exceeding the consensus estimate of 54 cents, representing a 29.55% increase over earnings of 44 cents per share from the same period last year.
The company posted quarterly sales of $881.6 million, beating the analyst consensus estimate of $881.07 million, an 8.9% increase over sales of $809.55 million in the same period last year.
While direct revenue from Hinge and Tinder grew year-over-year, Match Group Asia direct revenue declined 5% year-over-year to $77 million.
The fourth-quarter total revenue is estimated to be between $855 million and $865 million, which is toward the lower end of the range the company provided a year ago.
The company commented on the earnings in a letter to the shareholders, saying, “We’ve been focused on two key sets of initiatives in 2023. First, we’ve encouraged the teams at each of our businesses to sharpen product and marketing execution and achieve clearly defined operating and financial objectives.
“Second, we’ve emphasized innovation, with our teams collaborating globally to build AI-driven features that we believe will help solve key user pain points and bring new users into the category.”
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MTCH Price Action: Shares of MTCH were down 6.53% at $32.34 in the after-hours session at the time of publication, according to Benzinga Pro.
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