Match Group’s revenues rise
Match Group is an American internet company that control and operate a series of dating and match-making websites and platforms. And, their investors will certainly be smitten with them if their fourth quarter earning reports are anything to go by.
The Dallas, Texas-based firm control Tinder, the ‘like or no like’ dating app that is proving phenomenally popular amongst millennials. They also operate several online dating sites such as Match.com and PlentyOfFish.
For the fourth quarter, Match was able to raise $319,677 in revenue, which was 19% higher than the $267,574 they brought in for the same period in the previous fiscal year. This growth also followed through to improved net income in Q4, with the group posting net income of $73,811, 107% up on the Q4 2015 figure.
A press release from the company pointed out a range of operating highlights that the company were keen to point out. This included Tinder more than doubling their paid member count (PMC), to more than 1.7 million at the end of 2016. Also, ‘Average PMC grew 23% to 5.7 million over the prior year quarter led by continued strength at Tinder, Meetic and Pairs (in Japan), as well as from the acquisition of PlentyOfFish in October 2015’.
Greg Blatt, chairman and chief executive of Match Group, said: “Match Group executed well in our first full year as a public company. We had strong double-digit revenue, operating income, Adjusted EBITDA and PMC growth, generally on track with our expectations at the time we went public. As we roll into 2017, we’re confident we can maintain that momentum.”
Match Group took the earnings release as a chance to announce that they had signed an agreement to sell all of its non-dating businesses, which had been operating under The Princeton Review, name.
Blatt said: “The Princeton Review is a great company, but it has become increasingly clear to us that its differences from our core dating businesses meaningfully exceed its similarities. Accordingly, this transaction allows us to focus on businesses closer to home, while placing TPR in an environment where we expect to see our vision of an integrated, digital one-stop shop for students realized soon, albeit in different hands.”
Dominion holds Match Group in its Global Trends Ecommerce Fund.
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