Why Match Stock Soared Today

What happened

Shares of Match Group (NASDAQ: MTCH) have soared today, up by 10% as of 12:40 p.m. EDT, after the company appointed a new CEO for Tinder yesterday. The popular dating app has named Jim Lanzone as CEO, effective Aug. 3.

So what

Lanzone was previously the chief digital officer at CBS and led the media company's digital efforts as CEO of CBS Interactive. Elie Seidman, who was previously CEO of OkCupid and has been Tinder CEO since 2017, is stepping down. The news comes less than a month after Match completed its spinoff from majority parent IAC, and Tinder is Match's flagship brand. Match also named veteran gaming exec Joshua Sell as chief product officer, effective immediately.

Tinder logo

Image source: Tinder.

"I'm very excited to welcome Jim to Match Group," Match CEO Shar Dubey said in a statement. "He has vast experience running complex global tech organizations, driving product innovation, integrating emerging media trends into bellwether brands and a proven track record of building subscription offerings and delivering results."

Now what

The COVID-19 pandemic has impacted Tinder in curious ways. While people are looking online for more connections due to isolation and social distancing, those guidelines also discourage meeting new people in real life. Seidman recently told The Verge that engagement in the app was on the rise and that singles are connecting more digitally.

The company also added that Tinder enjoyed double-digit year-over-year growth last quarter despite the public health crisis. Match will report Q2 results on Aug. 4, the day after Lanzone starts his new position.

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Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Match Group, Inc. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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