Match stock slides 16% after disappointing guidance

Key Points
  • Match reported third-quarter results after the market close on Tuesday. 
  • The company beat on the top line, but gave fourth-quarter revenue guidance that fell short of analysts' expectations. 
The Match dating application is displayed on an Apple iPhone in an arranged photograph.
Andrew Harrer | Bloomberg | Getty Images

Shares of Match Group plunged as much as 16.6% in extended trading on Tuesday after the company released its earnings report for the third quarter.

The online dating company, which owns dating services including Match, Hinge and OKCupid, reported better-than-expected earnings for the quarter but forecast fourth-quarter revenue that was below analysts' expectations. Match said it expects to see revenue between $545 million and $555 million, which is lower than consensus estimates of $559.3 million.

For the third quarter, Match reported earnings of 51 cents per share, surpassing analysts' expectations for earnings of 42 cents per share. Revenue came in at $541 million, which matched Wall Street's expectations. Average revenue per user was 59 cents, which fell just short of analysts' expected 60 cents.

The results come after Match parent IAC announced last month it planned to spin off all of its shares of Match and ANGI Homeservices. In the earnings release, Match said it expects to take on about $10 million in expenses related to the spinoff.

Match Group CEO Mandy Ginsberg on expanding into international markets
Match Group CEO Mandy Ginsberg on expanding into international markets