Match Group stock (NASDAQ:MTCH) was sinking late in the day Tuesday even though the company reported its latest quarterly earnings results after hours, which topped analysts’ expectations.
The parent company of Tinder said that for its third quarter of fiscal 2018, it raked in earnings of 44 cents per share on a GAAP basis. The figure was 11 cents higher than the 33 cents per share in net income that analysts were calling for, according to data compiled by a Bloomberg survey.
Match Group also had strong revenue for the period as the company’s sales reached $444 million for its third quarter, marking a 29% surge compared to its year-ago quarter. The figure also beat the Bloomberg consensus estimate of approximately $438.21 million.
The number of total subscribers across the company’s various dating apps arrived at more than 8 million for the period, marking an increase of about $300,000 from the $7.7 million it had at the end of June. Nevertheless, Match Group stock took a hit due to the company’s fourth-quarter guidance, which missed Wall Street forecasts.
The Tinder parent company said it is calling for fourth-quarter revenue in the range of $440 million to $450 million, which is below the Wall Street consensus estimate of $454.4 million, per Bloomberg.
MTCH stock fell about 8.7% after the bell on Tuesday and they had been gaining about 0.6% during regular trading hours in anticipation of the company’s results.
