Match Group shares dropped during after-hours trading Tuesday, following the company’s earnings results that came in lower than what analysts expected. Revenue, however, beat expectations.
The online dating service conglomerate, posted second-quarter earnings of 46 cents a share, compared to the 49 cents a share expected by analysts polled by FactSet. The figure, however, is higher than 36 cents a share during COVID-19 pandemic-induced depression in the year-ago quarter.
Revenue climbed +27% year-over-year to $707.76 million, also exceeding analysts’ forecast of $693.5 million.
Chief Executive Shar Dubey continues to be optimistic about momentum while entering the second half of the year. “We are seeing a strong recovery in the U.S. and improvement in Europe as well, but important markets for us such as India, South Korea, Brazil, and Japan are further behind on the COVID recovery curve.” Further, “Against this backdrop, our business is showing clear signs of strength, with more room to run as additional markets come up the vaccination curve,” Dubey said.