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By Dhirendra Tripathi
Investing.com – Match Group stock (NASDAQ:MTCH) fell 3% in Wednesday’s premarket trading as lingering effects of Covid-19 brought out a quarterly forecast that was below estimates.
The owner of the popular dating app Tinder said it continues to feel some lingering Covid effects across Asia, particularly in Japan, its second largest market by revenue. At the same time, it said it expects “improvement as mobility restrictions lift, vaccine levels continue to rise, and case counts fall."
The company sees fourth-quarter total revenue of $815 million at the midpoint, a 25% year-over-year jump and similar to July through September growth but lower than second quarter’s 27%.
Issues at Hyperconnect, an acquisition Match made to get the South Korean firm’s app Azar, also weighed on the outlook. The app has faced a drop in usage and product development issues.
Match said it is incorporating a variety of new interactions and live experiences into its apps. This includes adding videos to Tinder profiles and ‘Plus One’-like features to help single people find dates to take to a wedding.
Third-quarter revenue was $801.8 million and fell below estimates. Adjusted profit per share of 43 cents also fell short of expectations. The company added 16.3 million payers, up 16%. Revenue per payer rose 8%.
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