Profit Match (MTCH) Q2

The Covid-19 pandemic has resulted in an increase in the number of people looking for love on dating platforms such as Match Group’s Tinder app.

Beata Zavrzel | NurPhoto | Getty Images

Match group The stock fell 22% in extended trading on Tuesday after the dating site reported second-quarter earnings that fell short of analysts’ expectations and posted weaker-than-expected guidance.

Here’s how the company did it.

  • Income: $795 million vs. $804 million, according to Refinitiv.
  • Income: 52 cents per share

Match, which includes Tinder, OkCupid and Hinge, said its revenue was up 12% year-over-year.

In addition to interim estimates for the second quarter, Match also gave a third-quarter guidance of $790 million to $800 million, which would see no growth over that period and well below analysts’ estimates. The company said its outlook includes the impact of foreign exchange rates.

Conformity said According to the shareholder letter, he saw weakness in his live broadcast business and in Japan, which “has yet to show a significant recovery following the lifting of Covid restrictions.”

The company also said that in the second half of 2021, its business benefited from the availability of Covid-19 vaccines and increased social engagement.

“We are not seeing a similar surge in activity in 2022,” the company said.

The number of paying users increased by 10% to 16.4 million, while revenue per payer increased by 3% to $15.86.

Tinder’s revenue grew by 13%. The Tinder-related settlement resulted in a $441 million settlement and $7 million in negative free cash flow.

Match’s share price has fallen 42% year-to-date before falling after hours.

WATCH: Time to swipe right on dating app deals?