On Wednesday, shares of Tinder-owner Match Group Inc MTCH have fallen over 16.5% in late morning trading after the company reported disappointing financial results yesterday.
Profit declined a whopping 26% year-over-year despite earnings coming in at $0.24 per share, a beat of $0.04 above analyst expectations. Match Group said profits were impacted by an increase in spending on marketing and other administrative costs.
Revenue missed the $277 million forecast for the fourth quarter, coming in at $267.6 million.
This was Match Group's first earnings report as a publicly traded company; they recently split from their former parent company last fall, online media company IAC/InterActiveCpro IAC .
On a bright note, one of Match Group's premier dating service, Tinder, saw solid growth for the quarter. The company also owns OkCupid and Match.com, among other dating sites.
Check out MTCH's stock performance over the past 90 days:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
