Here's Why Match Group Stock Plunged 23% in August
Shares of Match Group (NASDAQ: MTCH) were down 22.9% in August, according to data provided by S&P Global Market Intelligence. The company reported financial results for the second quarter of 2022 on Aug. 2, which left the market wanting more, leading to the outsized stock-price drop.
In Q2, Match Group generated revenue of $795 million, up 12% year over year on an as-reported basis. Keep in mind, though, that roughly half of the company's revenue comes from outside of the U.S., and foreign currency exchange rates impact the financials. Adjusting for this, Match Group's revenue was up 19% year over year.
Match Group's top-line growth rate was respectable. But other issues during the quarter weighed the stock down. Specifically, the company's Tinder platform is struggling. And Tinder is a big deal -- it had Q2 revenue of $449 million, which was over half of overall revenue.
Source Fool.com
