When Match Group Inc. (NASDAQ: MTCH) reported its most recent quarterly results late on Tuesday, the company posted $0.19 in earnings per share (EPS) and $343.4 million in revenue. That compared with a consensus forecast from Thomson Reuters of $0.22 in EPS on revenue of $329.91 million. The same period of last year reportedly had EPS of $0.23 and $316.45 million in revenue.
Direct revenue grew to $330 million, an increase of 21%, driven by 18% growth in average paid member count (PMC) to 6.6 million and a 1% increase in average revenue per paid user.
Average PMC at Tinder exceeded 2.5 million, adding a record 476,000 PMC during the third quarter, driven primarily by product changes and technology improvements.
The company did not issue any guidance for the fourth quarter. However, the consensus estimates call for $0.30 in EPS and $347.5 million for the quarter.
On the books, Match’s cash and cash equivalents totaled $157.58 at the end of the quarter, down from $253.65 million at the end of the previous fiscal year.
Greg Blatt, board chair and chief executive, commented:
Growth at Match Group accelerated in the third quarter, driven by fantastic performance at Tinder and Match and OkCupid further stabilizing. Overall company momentum is growing and we’re very well positioned for Mandy Ginsberg to assume the CEO role.
Shares of Match traded Wednesday morning at $30.59, a gain of more than 12% on the day. The consensus analyst price target was $26.80, and the new 52-week trading range is $15.42 to $32.87.