Match Group Inc (NYSE:MTCH) stock is trading higher after-hours after it reported its earnings for the first quarter of 2023.
Match Group Q1 EPS: The company reported EPS of $0.42, beating the consensus of $0.41. It represents a 5% increase from the same period last year.
Revenue came in at $787.12 million, missing consensus of $793.87 million, representing a 2% decline from the same period last year.
Direct revenue declined 1% (up 3% FXN) over the prior year quarter to $774 million.
Paying App users decreased by 1.1% Q/Q to 15.87 million. However, revenue per payer increased to $16.26, up from $16.00 last quarter.
“We’re leaning in on AI, where we believe developments could transform the dating experience, much like the shift to mobile transformed our business in the early 2010s, leading to the advent of Tinder,” said CEO Bernard Kim.
“Given our significant levels of cash flow, we expect to return at least half to shareholders over the next few years, and our Board has authorized a new $1 billion share buyback program to do so,” he added.
Outlook: Match expects Q2 revenue of $805 million to $815 million, lower than the analyst expectations of $822.32 million.
Price Action: MTCH shares are trading 4.08% higher at $36 on the after-hours session on the last check Tuesday.
Photo by Solen Feyissa from Pixabay
