fell after the online dating company released a revenue forecast for the fiscal second quarter that missed Wall Street expectations.
Match (ticker: MTCH) also said his name was
(ZNGA) Chairman Bernard Kim as chief executive, succeeding Shar Dubey at the end of May. Dubey, who has been with Match for 16 years, will remain on Match’s board. Dubey was named chief executive in March 2020.
Kim has served as president of Zynga, known for the “Words With Friends” and “Farmville” mobile game apps, since 2016.
Match shares fell 11% on Wednesday to $70.32. The stock is down almost 47% since the start of the year.
Match projected revenue in the fiscal second quarter ending June of $800 million to $810 million. Analysts polled by FactSet expected $836 million.
The company said the 13% to 14% year-over-year growth “reflects the impact of the current difficult macroeconomic environment.” Match said it expects second-quarter adjusted operating income of $285 million to $290 million, which includes an estimated $6 million negative impact from Google’s policy changes beginning June 1.
“There is a lot of uncertainty – the macro negatives but also the potential positives, particularly around the post-Covid reopening around the world – which makes forward visibility difficult,” Match said in a statement. hurry.
RBC Capital Markets analyst Brad Erickson, who has an outperform rating on the stock and a price target of $150, said a slower-than-expected pace of recovery combined with rate headwinds exchange rate, led to “tempered earnings prospects”.
For the first quarter, Match earned 60 cents per share, beating analysts’ estimates of 53 cents and revenue of $799 million, up 20% from a year earlier and better than forecast. $794.1 million.
Payers on the website rose 13% to 16.3 million in the first quarter, Match said, from 14.4 million a year earlier. The numbers matched expectations.
Write to Joe Woelfel at [email protected]