Match Group’s Stock Takes a Hit After Announcing New CEO, Soft Sales Outlook | Global News Avenue

Match the group (mtch) On Wednesday, the day after the online dating service provider appointed a new CEO, the stock stumbled, with a soft look as sales volumes for most of its units dropped.

CEO Bernard Kim is resigning and will be replaced by Spencer Rascoff on March 1, owners of Tinder, Hinge, Ok Cupid and Pairs said. Travel market Hotwire and real estate technology company Pacaso. Last year, he joined the Match Group’s board of directors.

The company said it expects current quarterly sales of $820 million to $830 million, lower than the average estimates of analysts surveyed by Visible Alpha. IT expects full-year sales of $3.38 billion to $3.5 billion. Analysts have been looking for $3.49 billion.

The news offset the fourth quarter’s outlook results, with earnings of 59 cents per share and revenue of $860.2 million, although both fell from the same period last year. Revenue fell 1% year-on-year as Tinder sales fell 3%, Evergreen & Emerging sales fell 7%, and Match Group Asia fell 9%. Sales soared 27% on Hinge.

Shares of the Game Group fell nearly 8% to $33.68 on Wednesday, losing about 3% in the past year.