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Match Drops After Sales Forecast Falls Short on Slow Growth

  • Company says currency headwinds will trim 8 points from sales
  • CEO at Tinder app leaves company, search on for successor
Updated on

Match Group Inc. gave a forecast for revenue in the current quarter that fell far short of analysts’ estimates with growth stymied by continuing fallout from Covid-19 and a strong dollar weighing on overseas sales. The shares fell more than 20% in extending trading.

Sales will be $790 million to $800 million in the quarter ending in September, said the Dallas-based company, which is parent to dating apps including Tinder, OkCupid and Hinge. Analysts, on average, estimated $883.6 million, according to data compiled by Bloomberg. The company said currency fluctuations would have an 8 percentage point effect on revenue.