Bumble Inc (NASDAQ:BMBL) shares are trading lower in Tuesday’s after-hours session after Match Group Inc (NASDAQ:MTCH) reported mixed financial results and issued weak guidance.
Match Group reported second-quarter revenue of $794.51 million, which missed the estimate of $805.58 million, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 70 cents per share, which beat the estimate of 53 cents per share.
Match group said it expects muted top-line growth in the second half of the year. Third-quarter revenue is expected to be between $790 million and $800 million, which is essentially flat year-over-year. Third-quarter adjusted operating income is expected to be between $255 million and $260 million.
“We expect higher overall app store fees, reduced year-over-year sales and marketing spend and lower year-over-year growth in product and development spend compared to Q2 2022 as we begin to see the effects of a pullback in hiring,” the company said.
Match Group owns a portfolio of different online dating service providers, including Tinder, Match.com, OkCupid, PlentyOfFish and Meetic. Bumble offers online dating services through the Bumble and Badoo apps.
Jefferies analyst Brent Thill downgraded Bumble from a Buy rating to Hold on Tuesday and raised the price target from $30 to $39.
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BMBL Price Action: Bumble has a 52-week high of $38.99 and a 52-week low of $15.41.
The stock was down 6% in after-hours at $33.84 at press time.
Photo: Ivan Radic from Flickr.
