Tinder Parent Match Group Beats Forecasts; Shares Rise 10%

Tinder parent Match Group shares rose 10% late Tuesday after the company reported better-than-expected first-quarter earnings and sales. Match, which had its initial public offering in November, said it earned $7.1 million, or 11 cents a share, in the first quarter, down 73% to $216 million, or 13 cents a share, in the year-ago period. Revenue rose 21% to $285 million, from $235 million a year ago. Paying customers grew 36% to 5.1 million, with Tinder surpassing 1 million paying members. Analysts polled by FactSet had expected Match to report earnings of 7 cents a share on sales of $281 million. Shares of Match had ended the regular trading session down 1.2%.