Omicron Causes Match Group to Fall Short of Q4 Expectations; We Maintain our FVE of $118

Match Group reported sluggish fourth-quarter results that fell short of our estimates due to the lingering impact of the omicron variant and currency rates. Management expects these challenges will remain present through the first half of 2022, particularly in their Asian markets where mobility restrictions have lagged North America and Europe. For the full-year 2021, total revenue was just shy of $3 billion, meeting management's expectations of a 25% increase year over year, showing resilience, despite the headwinds.