Why Match Group Stock Dropped Like a Rock Today
Shares of online-dating platform company Match Group (NASDAQ: MTCH) dropped like a rock on Wednesday after the company reported that its final quarter of 2022 was a dud. As of 12:30 p.m. ET, Match Group stock was down 9.3%, but it had been down as much as 10% earlier in the trading session.
Match Group stock was the second-worst performer in the S&P 500 in 2022. Bernard Kim was named CEO in early 2022, tasked with reaccelerating the company's growth. And it appears the market was getting very optimistic about this possibility, considering the stock was up 30% to start 2023 prior to today's drop.
The turnaround isn't going as fast as the market hoped. For 2022, overall revenue was only up 7% year over year to $3.2 billion. And the company's operating income actually plunged 40% to $515 million due to impairment charges -- some of its platforms aren't as valuable as they once were.
Source Fool.com
