Match Group stock rallies 14% after company swings to profit, revenue rises 4%

Shares of Match Group Inc. (MTCH) jumped more than 14% in the after-hours session Tuesday after the online dating company behind Tinder and other brands swung to a quarterly profit and said it aims at using AI to "help solve" dating problems and to bring more people into their dating brands. Match earned $137 million, or 48 cents a share, in the second quarter, contrasting with a loss of $32 million, or 11 cents a share, in the year-ago quarter. Revenue rose 4% to $830 million. FactSet consensus called for earnings of 44 cents a share on sales of $812 million. Performance improvements in its brands enables Match "to put more focus on innovation," the company said in a letter to shareholders. "We're dedicating significant efforts to building AI-enabled capabilities that help solve daters' pain points and aim to bring resisters into the dating category." Match called for third-quarter revenue between $875 million and $885 million, which would be up 8% to 9% on-year. FactSet consensus calls for third-quarter revenue of $865 million. The stock ended the regular trading down 0.8%.

-Claudia Assis

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08-01-23 1649ET

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