Why Match Group Stock Is Down 6% Wednesday

Match Group, Inc MTCH shares fell Wednesday after the company announced financial results for the first quarter.

The Details: Match Group reported earnings on Tuesday after the market close that included GAAP EPS of 44 cents, beating analysts estimates of 41 cents, per Benzinga Pro.

Match Group also reported sales of $859.658 million, beating analyst estimates of $855.511 million. The company’s sales results were up 9.21% from the same period last year.

Furthermore, the company issued guidance for the second quarter, which appears to be weighing on shares. Match Group said it expects second-quarter revenue to be between $850 million and $860 million versus estimates of $881.959 million.

Match Group also noted that it expects Tinder direct revenue to be between $475 million and $480 million in the second quarter, representing 9% year-over-year growth. For Hinge, the company sees direct revenue of $125 million to $130 million. This figure represents 50% year-over-year growth.

Match Group said it expects total revenue growth for full-year 2024 to be at the lower end of its previous guidance range of 6% to 9%.

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Price Action: Match Group shares were down 6.09% at $29.59 at the time of publication, according to Benzinga Pro.

Photo: 1905224 from Pixabay.