Why Match Group Shares Are Falling After Hours

Match Group Inc MTCH shares are trading lower in Tuesday's after-hours session after the company reported first-quarter financial results, issued guidance below analyst estimates, and announced a CEO transition.

Match Group said first-quarter revenue grew 20% year-over-year to $798.63 million, which beat the $795.69 million estimate. The company reported quarterly earnings of 60 cents per share, which beat the estimate of 53 cents per share.

Match Group said it expects second-quarter revenue of $800 million and $810 million, below the $835 million estimate. It expects an adjusted operating income of $285 million and $290 million.

Match Group also announced that Match Group CEO Shar Dubey has resigned as an officer and will be replaced by Bernard Kim, current president of Zynga Inc ZNGA.

MTCH 52-Week Range: $76.26 - $182.00

The stock was down 5.44% in after hours at $74.72 at press time, according to data from Benzinga Pro.

Photo: courtesy of Match Group.