Why Match Group Stock Plunged Today
Shares of Match Group (NASDAQ: MTCH) fell on Wednesday after the dating app leader released its second-quarter results and issued a tepid growth forecast for the second half of the year. As of 3:15 p.m. ET, its stock price was down more than 17%.
In the second quarter, Match Group's revenue rose 12% year over year to $795 million. Excluding foreign exchange rate fluctuations, its sales were up 19%.
This growth was driven by a 10% jump in payers -- people who subscribe to Match Group's premium offerings or make a la carte purchases -- to 16.4 million. A 3% increase in revenue per payer also contributed to the gains.
Source Fool.com
