Why Match Group Shares Are Soaring After Hours

Match Group Inc MTCH shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected financial results.

Match Group said third-quarter revenue increased 1% year-over-year to $810 million, which beat average analyst estimates of $795.43 million, according to Benzinga Pro. The company reported quarterly earnings of 44 cents per share, which beat average estimates of 41 cents per share.

Paying users increased 2% year-over-year to 16.5 million. Match Group said it plans to focus on Tinder growth as it heads into 2023.

"In addition to reigniting Tinder growth, in 2023, we plan to focus on targeted, high-returning investments, especially in Hinge and The League, as well as some newly-incubated apps where we see further opportunity to better serve select demographics and markets," the company said in a letter to shareholders.

"Because we expect a challenging operating environment for the foreseeable future, we plan to accelerate our efforts to control costs, especially in headcount-related expenses and marketing spend, in other areas of the business."

Match Group expects fourth-quarter revenue to be between $780 million and $790 million versus average estimates of $810.35 million. 

See Also: Why Airbnb Stock Is Sliding After Hours

MTCH Price Action: Match Group has a 52-week high of $136.99 and a 52-week low of $40.23.

The stock was up 13.6% in after-hours at $49.89 at the time of publication.

Photo: Adrian from Pixabay.