What to Expect From Match Group's Q3 2024 Earnings…

What to Expect From Match Group's Q3 2024 Earnings Report

Match Group, Inc. (MTCH), valued at $10 billion by market cap, is a prominent provider of dating products. Established in 1986 and headquartered in Dallas, it manages over 45 brands, including popular ones like Tinder, Match.com, PlentyOfFish, Meetic, and OkCupid. The online dating services provider is expected to announce its fiscal third-quarter earnings for 2024 on Tuesday, October 29.

Ahead of the event, analysts expect MTCH to report a profit of $0.46 per share on a diluted basis, down 19.3% from $0.57 per share in the year-ago quarter. The company has consistently surpassed or touched Wall Street’s EPS estimates in its last four quarterly reports.

For the full year, analysts expect MTCH to report EPS of $1.98, down 12.4% from $2.26 in fiscal 2023. However, in fiscal 2025, its EPS is likely to rise 21.7% annually to $2.41.

MTCH stock is up 5.8% on a YTD basis, significantly underperforming the S&P 500’s ($SPX) 21.9% gains and the Communication Services Select Sector SPDR ETF Fund’s (XLC) 25.3% gains over the same time frame.

Despite its underwhelming market momentum in 2024, shares of Match Group surged 13.2% in the following trading session after releasing its Q2 earnings on Jul. 30 as the company reported stronger-than-expected revenue of $864.1 million. Furthermore, the drop in paying users for Tinder was less pronounced than anticipated, suggesting a stabilization in user engagement.

Analysts’ consensus opinion on MTCH stock is cautiously bullish, with a “Moderate Buy” rating overall. Among the 25 analysts covering the stock, 15 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and nine give a “Hold.” This consensus is slightly more bullish than three months ago when 14 analysts gave the stock a “Strong Buy” rating.

The average analyst price target for MTCH is $43.51, indicating a potential upside of 12.7% from the current levels.

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On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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