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Match Group reports 3Q 2018 results

MTCH ) Wall Street's expectations for bottom and bottom lines in the third quarter as new subscribers continued to sweep…

MTCH ) Wall Street’s expectations for bottom and bottom lines in the third quarter as new subscribers continued to sweep directly on the dating app Tinder. “Data-Reaction =” 11 “> Match Group (MTCH) Wall Street struck expectations of peak and bottom lines in the third quarter, as new subscribers continued to swipe directly on computer programs Tinder.

GAAP basis earnings were 44 cents per share, 11 cents higher than consensus estimates, according to Bloomberg data. Revenues increased 29% year-on-year to $ 444 million, exceeding the average forecast of $ 438.21 million. The total number of subscribers across Match Group’s data portfolio came to more than 8 million for the quarter, an increase of approximately 7.7 million for the period ending in June.

Match, however, provided guidance that fell without consensus estimates. Quarterly revenue is estimated to be between $ 440 million and $ 450 million, which is not consistent with consensus expectations of $ 454.5 million, according to Bloomberg data.

The shares in Match decreased 9.66% to $ 46.50 every 5:03 ET.

Tinder, the swipe-based dating app popular with the millennium, continues to be a growth driver for the company, with direct revenue doubling in the quarter from the year before. Most of Tinder’s revenue comes from paid subscriptions to tiers including Tinder Gold, which helps users interact with probable matches first.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “The average subscribers for Tinder increased to 4, 1 million third quarter from approximately 3.8 million in the previous period. The whole year 2018, which the company had previously calculated. Match & nbsp; said it expects full-year earnings to be close to the upper end of its previous forecast and approach $ 1.72 billion. & nbsp; “data response time =” 16 “> The average subscriber for Tinder increased to 4.1 million in the third quarter from around 3.8 million in the previous period. The platform is in line to bring in $ 800 million for the full year 2018, which the company had previously calculated. Match said it expects year-end revenue to be close to the top end of its previous forecast and reach $ 1.72 billion.

Match also announced a special dividend of $ 2.00 per share on the company’s common stock and ordinary share B, which will be paid on December 19th. The dividend will be paid out of cash at hand and with incremental debt as the company said. This is the first time Match has distributed a dividend, but the company will consider future dividends in the future, says CEO Mandy Ginsberg to Yahoo Finance.

“I think this will give our shareholders real confidence that we can grow as well, be major managers of our capital, give them returns and continue to look aggressively on M & A and investments,” says Ginsberg.

Tinder Logo can be viewed on a mobile phone in New Delhi, India, July 26, 2018. Tinder is a local social search mobile app that allows users to like or dislike other users and allow users to chat if both parties sweep to the right. The app is often used as a hookup app (Photo by Nasir Kachroo / NurPhoto via Getty Images)

Match group in June bought a controlling stake in Hinge, a platform that promoted itself as a Tinder option for users who searched more serious relationships. Downloads for the application increased fivefold to more than 750,000 in the third quarter from the previous period, Match reported. Ginsberg said that Match plans to invest in product resources, technical talents and marketing for Hinge to build brand awareness beyond the current major market in New York.

In addition to growing Match existing apps – including other dating forums including OkCupid and the PlentyofFish company will continue to drive M & A opportunities and seek further expansion in overseas markets, Ginsberg said. Match already runs internationally based dating platforms, including Meetic in Europe and Japan. International subscribers increased 29% in the third quarter from the previous period, which exceeds the 18% growth rate in the quarter for new subscribers in North America.

Match Group shares increased by 60% for the last year of the year

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – Emily McCormick is a reporter for Yahoo Finance. & nbsp; Follow her on Twitter: @emily_mcck “data-reactid =” 34 “> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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