Match Group Rises 7% on Q2 Revenue Beat and Stronger-Than-Expected Guidance

DALLAS – Match Group, a prominent provider of online dating services, has announced its second quarter results for 2024, revealing that the company’s revenue has exceeded analyst expectations.

The reported earnings per share (EPS) stood at $0.48, aligning perfectly with analyst predictions. Revenue for the quarter reached $864.07 million, surpassing the consensus estimate of $856.5 million. This figure also marks an increase from the same period last year, demonstrating the company’s ongoing growth within the digital dating sector.

In response to this positive news, Match Group’s stock saw a 7% gain, as investors reacted favorably to both the stronger-than-expected revenue figures and the company’s optimistic forward-looking guidance.

Looking ahead to the third quarter of 2024, the company anticipates revenue to fall between $895 million and $905 million. Although this projection is below the consensus estimate of $914.8 million, investor sentiment remains upbeat. The midpoint of this guidance, $900 million, is regarded as optimistic by market analysts.

Furthermore, Match Group provided an update on its full-year expectations for 2024, forecasting around 5% year-over-year (YoY) total revenue growth and a 3% YoY revenue increase specifically for Tinder. When adjusted for foreign exchange fluctuations, the expected growth rates are approximately 7.5% and 5.5% YoY, respectively. The company remains on track to meet its full-year adjusted operating income (AOI) margin target of 36%, despite facing additional costs associated with exiting live streaming services and the impact of the Canada Digital Services Tax.

Management attributed this strong performance to the diverse range of brands under Match Group’s umbrella, which effectively cater to the varied preferences of users globally. They also highlighted the challenges posed by foreign exchange headwinds and the proactive measures undertaken to effectively navigate these concerns.

This article was generated with the support of AI and reviewed by an editor.