Markets

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.

10 stocks we like better than Match Group, Inc.
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Match Group, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of June 2, 2020

 

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.

In This Story

MTCH

Latest Markets Videos

The Motley Fool

Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Learn More