Match Group Income Spikes as Tinder Tops 1M Paid Customers

Courting web site operator Match Group reported higher-than-anticipated quarterly income, as its fashionable courting app Tinder attracted extra paying customers.

Match Group, which additionally owns Match.com and OkCupid, will get bulk of its income from membership charges and paid options. The corporate stated its common paid-member rely jumped 36 % to five.1 million within the first quarter ended March 31, additionally helped by the acquisition of PlentyOfFish.

Match Group Revenue Spikes as Tinder Tops 1M Paid Users Match Group Revenue Spikes as Tinder Tops 1M Paid Users

Greg Blatt, chairman of Match Group, takes half in celebrations for the corporate's IPO on the NASDAQ inventory trade, New York November 20, 2015. REUTERS/Lucas Jackson

Match Group, majority owned by media mogul Barry Diller’s IAC/InterActiveCorp, agreed to purchase Vancouver-based mostly PlentyOfFish for $575 million in July final yr.

Tinder surpassed 1 million paid members through the quarter.

The Dallas-based mostly firm’s courting enterprise, its largest, which incorporates apps reminiscent of Tinder, recorded a 24 % rise in income to $260.four million.

Complete income rose 21.four % to $285.three million, beating the typical analyst estimate of $281.eight million, in accordance with Thomson Reuters I/B/E/S.

Working revenue rose eight % to $29.2 million.

The corporate’s working bills jumped 23 %, largely because of a further $eleven.2 million of inventory-based mostly compensation.

Internet revenue attributable to Match Group shareholders fell to $7.2 million, or three cents per share, from $26.2 million, or sixteen cents per share, a yr earlier.

Excluding gadgets, the corporate earned eleven cents per share. Analysts on common had anticipated eight cents.

Income from the corporate’s non-courting enterprise, which incorporates instructional web sites Princeton Evaluate and Tutor.com, was flat at $24.9 million.

As much as Tuesday’s shut of $eleven.sixteen, Match Group’s shares had fallen 7 % because the firm went public in November.