Match (MTCH) Stock Skyrockets, Q1 Results Boosted by Strong Dating Revenue

Match (MTCH) shares are soaring Wednesday afternoon following the dating website operator's better-than-expected 2016 first quarter results reported after yesterdays's market close.

Author:: U-Jin Lee
Publish date:: May 4, 2016 1:04 PM EDT

NEW YORK (TheStreet) --Match Group (MTCH) - Get Report shares are soaring 17.11% to $13.07 on Wednesday afternoon following the dating website operator's better-than-expected 2016 first quarter results reported yesterday after the market close.

Adjusted earnings of 11 cents a share handily beat Wall Street's projections of 8 cents a share. A year ago, the company earned 13 cents a share.

Revenue jumped 21% to $285.3 million, surpassing estimates of $281.8 million.

Overall results were lifted by strong dating revenue, as it increased 24% thanks to "exceptional growth" at dating services Tinder and PlentyOfFish, CEO Greg Blatt stated.

"We expect solid year over year performance throughout the balance of 2016," he added.

Following recent earnings, the stock surged the most in five months since going public in November.