Match Group Inc said the COVID-19 recovery in some of its “important” Asian markets was lagging behind the United States and Europe, sending its shares 4% lower after market despite a forecast for quarterly revenue above estimates.
Several economies were starting to open up but a resurgence of cases caused by the highly contagious Delta variant has fueled concerns over how long the recovery can last in certain markets.
“We are seeing a strong recovery in the U.S. and improvement in Europe as well, but important markets for us such as India, South Korea, Brazil, and Japan are further behind on the COVID recovery curve,” Chief Executive Officer Shar Dubey said in a statement.
Still, Match Group said it expects third-quarter revenue between $790 million and $805 million, above Refinitiv IBES estimates of $766.4 million, as more users pay for its dating apps to connect with others both online and offline after pandemic curbs eased. Tinder, Bumble and other dating apps enjoyed a surge in demand last year when lockdowns sent people online in search of love and friendship. Now, as vaccinations gather pace and people step out more, these dating apps are doubling down on features that help them maintain those connections and meet in person.
In the second quarter, Match Group added 15 million payers, a recently introduced metric that includes all users who contributed to its revenue. Revenue per payer rose 10%.
The Hinge and OkCupid owner’s total revenue rose 27% to $707.8 million in the quarter ended June 30, beating estimates of about $691.1 million.
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