Match Group shares fell 22% in prolonged trading on Tuesday after the date reported second-quarter earnings that fell short of analysts’ expectations and issued weaker-than-expected guidance.
That’s how the company did it.
Match, whose households include Tinder, OkCupid and Hinge, said its profits rose 12 percent from last year.
In addition to follow-up estimates for the current quarter, Match also gave a forecast for the third quarter of $790 million to $800 million, which would not lead to an expansion for the era and is well below analysts’ estimates. The company said its forecasts included a decline in exchange rates.
Match said it had noticed weakness in its live streaming business and in Japan, which “has still shown a significant recovery after the lifting of Covid restrictions,” according to the letter to shareholders.
The company also said that in the current part of 2021, its business benefited from the availability of COVID-19 vaccines and increased social activity.
“We are not seeing an increase in activity in 2022,” the company said.
The number of paid users increased 10% to 16. 4 million and, according to the payer, increased 3% to $15. 86.
Tinder’s profits rose as much as 13%. A Tinder-related dispute settlement resulted in a $441 million payment and a negative $7 million loose money.
Match’s percentage value is down 42% since the start of the year, before the after-hours drop.
WATCH: Is it time to swipe the actions of the dating app?
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