Match Group (MTCH) - Get Match Group, Inc. Report shares traded higher Wednesday after the company behind dating apps Tinder and Hinge forecast better-than-expected revenue this quarter amid ongoing COVID vaccine rollouts and corresponding business reopenings.
At last check, Match shares were up 5.5% at $146.57 after the company posted first-quarter earnings that were better than Wall Street forecasts and revenue that rang in higher than anticipated, driven by an 18% increase in direct revenue from its hookup app Tinder.
For the first quarter, Match's revenue jumped 23% to $668 million vs. estimates of $650.7 million. Other brands saw a revenue rise of 30%, the company said. On a per-share basis, the company earned 57 cents, 17 cents more than expected by analysts polled by FactSet.
Match also said it sees second-quarter revenue of between $680 million and $690 million, above estimates of $678.6 million. On the earnings front, it expects earnings before income, taxes, depreciation and amortization of between $255 million and $260 million.
"As we head into summer, with a growing number of people getting vaccinated, we cannot help but be excited ... Looking forward to a summer of love," Match CEO Shar Dubey said in a letter to shareholders.
Match was quick to adapt to pandemic-era dating, incorporating video and chat features to allow people to go on virtual dates. However, Match and other online dating-app companies and sites focused on matching people together have been cautiously forecasting a rebound in sales and earnings as vaccines continue to roll out and people resume in-person get-togethers.
BTIG analyst Jake Fuller last month lifted his rating on Match to buy from neutral, pointing to a rebounding economy that should help pandemic-depressed Tinder's average revenue per user.