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Why Shares of Match Group Soared Today

TheMotleyFool

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Shares of online dating app giant Match Group (NASDAQ: MTCH) rocketed 12.8% higher on Wednesday, even beating the technology indices that were also up strongly.

Match Group benefited after the release of strong results from competitor Bumble (NASDAQ: BMBL), which reported fourth-quarter results last night. On the back of a strong 2022 post-COVID outlook, some Wall Street analysts upgraded not only Bumble but also Match.

Last night, Bumble reported 25.7% revenue growth and adjusted (non-GAAP) earnings per share of $0.02. While solid, those numbers actually fell a bit short of consensus. Likely, the omicron COVID-19 wave depressed demand for Bumble's app in Q4.

Source Fool.com

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