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Match shares surge after revenues beat

Greg Blatt (L), chairmain of Match Group, and Sam Yagan, CEO of Match Group and co-founder and CEO of OkCupid, celebrate Match Group's initial public offering (IPO) at the NASDAQ stock exchange on November 20, 2015 in New York City.
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Greg Blatt (L), chairmain of Match Group, and Sam Yagan, CEO of Match Group and co-founder and CEO of OkCupid, celebrate Match Group's initial public offering (IPO) at the NASDAQ stock exchange on November 20, 2015 in New York City.

Shares of Match Group soared nearly 15 percent Wednesday, a day after the company reported better-than-expected revenues.

Total revenue rose 21.4 percent to $285.3 million, beating Reuters' estimate of $281.8 million.

Match Group, which also owns Match.com and OkCupid, gets a bulk of its revenue from membership fees and paid features.

The company said its average paid-member count jumped 36 percent to 5.1 million in the first quarter ended March 31, also helped by the acquisition of online dating service PlentyOfFish.

Match Group, majority owned by media mogul Barry Diller's IAC/InterActiveCorp, agreed to buy Vancouver-based PlentyOfFish for $575 million in July last year.

Nonetheless, the company's stock is still down about 5.5 percent in 2016, and is down nearly 11 percent since going public in November.

— Reuters contributed to this report.