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Shares of Tinder parent fall after a weak 2017 forecast

The Match.com application is displayed in the Apple Inc. App Store on an iPhone.
Andrew Harrer | Bloomberg | Getty Images
The Match.com application is displayed in the Apple Inc. App Store on an iPhone.

Match Group shares dropped more than 4 percent Wednesday after it issued a disappointing forecast for the year.

On Tuesday, Match said it expects 2017 revenue to be between $1.26 billion and $1.31 billion.That was well below the analyst estimate of $1.41 billion, according to FactSet.

The forecast came as the Dallas-based company turned in a fourth-quarter earnings beat, but fell short on the top-line.

Match posted earnings of 29 cents per share on revenue of $319.7 million. A consensus of analysts surveyed by Thomson Reuters expected earnings of 24 cents per share on revenue of $320.6 million.

The company owns several online dating services including Tinder, PlentyOfFish, OkCupid, and Match.com, as well as the test prep company The Princeton Review.

The average paid member count across Match Group's dating services leaped 23 percent to nearly 5.7 million, but that was less than FactSet estimates of about 5.75 million. Tinder more than doubled its number of paid members in 2016, from 0.8 million to over 1.7 million.

"As we roll into 2017, we're confident we can maintain that momentum," said Chairman and CEO Greg Blatt in a press release.

Match Group also said it plans to sell The Princeton Review to ST Unitas, an education technology company, this year.

"The Princeton Review is a great company," said Blatt, "but it has become increasingly clear to us that its differences from our core dating businesses meaningfully exceed its similarities."

Match Group had its IPO back in Nov. 2015.

Match Group shares 5-day performance