Why Match Stock Sunk After-Hours
Portfolio Pulse from Ryan Gustafson
Match Group, Inc. (NASDAQ:MTCH) reported Q3 earnings of 57 cents per share, beating the consensus estimate of 54 cents, and sales of $881.6 million, slightly above the estimate of $881.07 million. However, the company's shares traded lower in the after-hours session due to its Q4 revenue guidance, which is estimated to be between $855 million and $865 million, towards the lower end of the range provided a year ago. Direct revenue from Hinge and Tinder grew YoY, but Match Group Asia direct revenue declined 5% YoY to $77 million.
October 31, 2023 | 9:28 pm
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Match Group's Q3 earnings beat estimates but its Q4 revenue guidance, which is towards the lower end of the range provided a year ago, led to a drop in its share price in the after-hours session. The company also reported a 5% YoY decline in Match Group Asia direct revenue.
Despite beating Q3 earnings and sales estimates, Match Group's shares traded lower due to its lower Q4 revenue guidance. The company's direct revenue from Hinge and Tinder grew YoY, but Match Group Asia direct revenue declined 5% YoY, which could have also contributed to the negative sentiment.
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