Match Group, Inc. MTCH shares are down Wednesday, reversing from earlier strength after the company reported better-than-expected second quarter financial results and above-consensus third quarter revenue guidance.
The Details:
Match Group announced that total revenues increased 4% year-over-year, and the company generated $262 million in free cash flow during the second quarter. Match Group expects third-quarter revenue of between $875 million and $885 million versus estimates of $863.37 million and anticipates third-quarter Tinder direct revenue growth of close to 10% year-over-year.
"In the first half of 2023, Match Group capitalized on effective organizational improvements, which led to better product and marketing execution at our brands, to deliver strengthening financial performance. We expect these trends to continue, with momentum increasing through the rest of the year," the company said in a letter to shareholders.
On Wednesday, BTIG analyst Jake Fuller upgraded Match Group from Neutral to Buy and announced a $60 price target for MTCH.
The stock may also be under pressure amid overall market weaknes after Fitch downgraded its rating for US Treasuries, which has weighed on stocks across sectors.
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MTCH Price Action: According to Benzinga Pro, Match Group shares are trading 1.84% lower at $45.33 at the time of publication.
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