Match Group Shares Slip After Earnings Miss, Announced Leadership Shuffle
Match Group Inc. shares declined in the extended session Tuesday after the online dating site company reported earnings that missed Wall Street estimates and announced a new chief executive. Match shares declined 2.6% to $17.76 after hours. The company reported second-quarter net income of $51.4 million, or 17 cents a share, compared to $34.1 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 16 cents a share. Revenue rose to $309.6 million from $275.3 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 19 cents a share on revenue of $310.3 million. Separately, Match said that its Match Group Americas CEO Mandy Ginsberg would succeed Greg Blatt as Match CEO on Jan. 1. IAC CEO Joey Levin will succeed Blatt as Match chairman at that time, and Blatt will remain a board member. Match also said Blatt will stay on as CEO of Tinder until a replacement is named.
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