When Match Group Inc. (NASDAQ: MTCH) reported its most recent quarterly results late on Tuesday, the company posted $0.19 in earnings per share (EPS) and $343.4 million in revenue. That compared with a consensus forecast from Thomson Reuters of $0.22 in EPS on revenue of $329.91 million. The same period of last year reportedly had EPS of $0.23 and $316.45 million in revenue.
Direct revenue grew to $330 million, an increase of 21%, driven by 18% growth in average paid member count (PMC) to 6.6 million and a 1% increase in average revenue per paid user.
Average PMC at Tinder exceeded 2.5 million, adding a record 476,000 PMC during the third quarter, driven primarily by product changes and technology improvements.
The company did not issue any guidance for the fourth quarter. However, the consensus estimates call for $0.30 in EPS and $347.5 million for the quarter.
On the books, Match’s cash and cash equivalents totaled $157.58 at the end of the quarter, down from $253.65 million at the end of the previous fiscal year.
Greg Blatt, board chair and chief executive, commented:
Growth at Match Group accelerated in the third quarter, driven by fantastic performance at Tinder and Match and OkCupid further stabilizing. Overall company momentum is growing and we’re very well positioned for Mandy Ginsberg to assume the CEO role.
Shares of Match traded Wednesday morning at $30.59, a gain of more than 12% on the day. The consensus analyst price target was $26.80, and the new 52-week trading range is $15.42 to $32.87.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.