Match group shares increase as owner of Tinder app added to S&P 500
Match group (MTCH) – Get the report from Match Group, Inc. stocks surged to the top of the market rankings on Tuesday after the dating app operator was called to join the S&P 500 later this month.
Match, which owns the Tinder dating app and has a market value of around $ 41 billion, will be added to the benchmark on Monday, September 20, replacing drugmaker Perrigo Co. (PRGO) – Get the Perrigo Co. Plc report.
Ceridian HCM Holding Cloud Computing and Software Group (DAY) – Get the report from Ceridian HCM Holding, Inc., as well as the Brown & Brown insurance group (BOYFRIEND) – Get the Brown & Brown, Inc. to join Match in the S&P 500 on September 20, with benefit provider Unum (A M) – Get a Unum group report and the Oilfield Equipment Group NOV Inc. (NOV) – Get the National Oilwell Varco, Inc. (NOV) report direction the exit.
Match Group shares rose 7% early in Tuesday to change hands to $ 158.50 each.
Match Group, which also owns the dating apps Hinge and OKCupid, said last month that it expects third-quarter revenue in the range of $ 790 million to $ 805 million, but noted that an increase Delta variant coronavirus infections hamper growth in important markets in Asia. Revenue for the June quarter was up 27% from a year ago to $ 708 million, Match Group said.
“We are actually monitoring mobility trends and restrictions more closely as they seem to have a bigger effect (than the number of infections),” CEO Shar Dubey told investors on an August 4 conference call. . “As vaccination rates increase first in the United States and then in Europe, we have seen mobility increase, and that has been reflected in our business trends in Q2. In a few – in fact in several markets in Asia, even today, including Japan, which is our second largest income market, there are varying degrees of foreclosure and restrictions in place. ”
“And that certainly has an impact on mobility and our measures. As for what’s going on in the United States with the Delta surges in recent weeks, so far they don’t appear to have an impact on mobility. “, she added. “And they can’t, unless real restrictions are put in place.”