Match Group (NASDAQ:MTCH) announced a first-quarter earnings beat led by its dating app Hinge, just a day after its flagship app Tinder announced plans to pull out of Russia.
The dating app company posted revenue of $787 million, down 1% year-over-year and missing Street expectations of $793.8 million. Hinge specifically saw revenue increase 27%, helped in part by the introduction of a two-tiered subscription model.
Earnings were $0.42 per share, down from $0.63 a year ago and compared to expectations of $0.40.
That said, the company’s own expectations for second-quarter revenue were between $805 million and $815 million, which is short of the average analyst estimate of $822.3 million.
Match also announced a new $1 billion share buyback program.
Shares of the company improved 0.6% to $34.78.
Meanwhile, Match announced Tuesday that its app Tinder will leave Russia by the end of June. it is the latest of many companies to pull out of the country since the invasion of Ukraine in 2022.
"We are committed to protecting human rights," Match said in an annual impact report published on Monday. "Our brands are taking steps to restrict access to their services in Russia and will complete their withdrawal from the Russian market by June 30, 2023."
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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