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Match Group Inc MTCH shares are trading lower in Tuesday’s after-hours session after the company reported worse-than-expected financial results and issued weak guidance.
What Happened: Match said fourth-quarter revenue declined 2% year-over-year to $786.15 million, which missed average analyst estimates of $787.09 million, according to Benzinga Pro. Tinder app revenue was flat, while all other brands collectively declined 5% on a year-over-year basis.
Match reported quarterly earnings of 30 cents per share, which missed average estimates of 47 cents per share.
Paying app users declined by 1% to 16.1 million year-over-year. Free cash flow totaled $477 million after taking a $441 million hit from the previously disclosed Tinder litigation settlement.
“While our 2022 performance was below what we expect of ourselves, we made corrective changes and feel this organization is gaining momentum as we start 2023,” Match Group management said in a letter to shareholders.
Match expects first-quarter revenue to be between $790 million and $800 million versus estimates of $817.34 million.
See Also: Snap Stock Sinks On Q4 Earnings, Company Holds Back Guidance: What’s Going On?
MTCH Price Action: Match has a 52-week high of $121.49 and a 52-week low of $38.64.
The stock was down 8.33% in after-hours at $49.61 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Match Group.
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Image and article originally from www.benzinga.com. Read the original article here.