Match Group Inc (NASDAQ:MTCH) shares are trading lower in Tuesday's after-hours session after the company reported first-quarter financial results, issued guidance below analyst estimates, and announced a CEO transition.
Match Group said first-quarter revenue grew 20% year-over-year to $798.63 million, which beat the $795.69 million estimate. The company reported quarterly earnings of 60 cents per share, which beat the estimate of 53 cents per share.
Match Group said it expects second-quarter revenue of $800 million and $810 million, below the $835 million estimate. It expects an adjusted operating income of $285 million and $290 million.
Match Group also announced that Match Group CEO Shar Dubey has resigned as an officer and will be replaced by Bernard Kim, current president of Zynga Inc (NASDAQ:ZNGA).
MTCH 52-Week Range: $76.26 - $182.00
The stock was down 5.44% in after hours at $74.72 at press time, according to data from Benzinga Pro.
Photo: courtesy of Match Group.
