February 6, 2018 / 11:53 PM / 6 months ago

Match Group revenue soars as Tinder attracts more subscribers

(Reuters) - Match Group Inc, which owns popular dating app Tinder, on Tuesday reported a 28.5 percent jump in quarterly revenue as more people paid for subscriptions to its apps and websites.

The dating app Tinder is shown on an Apple iPhone in this photo illustration taken February 10, 2016. REUTERS/Mike Blake/Illustration/File Photo

Shares of the company rose 5 percent in extended trading.

Match Group’s average paid subscribers surged 23.6 percent to 7 million in the fourth quarter, in line with analysts’ average estimate, according to financial and data analytics firm FactSet.

Tinder, on which people swipe right or left to signal their interest or lack of it in meeting prospective partners, added 1.5 million paid subscribers in 2017, compared with about 900,000 in 2016.

The company, which also owns OkCupid and Match.com, said Tinder now has for more than 3 million paid subscribers.

Total revenue jumped 28.5 percent to $379 million, beating analysts estimate of about $362 million, according to Thomson Reuters I/B/E/S.

Last year, Match Group sold its non-dating business, which operated under the Princeton Review to education technology company ST Unitas.

Net loss was $9.02 million, or 3 cents per share, in the fourth quarter ended Dec 31, compared with a profit of $73.8 million, or 27 cents per share, a year earlier.

Match Group said it recorded a charge of $92 million in the reported quarter related to the new U.S. tax law.

Excluding items the company earned 18 cents per share.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D'Silva

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