Yesterday, Match announced its quarterly earnings, and it wasn’t pretty. The company missed analysts’ estimates by nearly $1 million and reported disappointing guidance that led investors to sell off their shares of the company in droves. Match saw its share price drop 16% in after-hours trading, and it has continued to slide since then, falling another 2% in pre-market trading today.

Announcement of its Third Quarter Earnings

Announcement of its Third Quarter Earnings
Image Source: The Economic Times

The company’s shares dropped as much as 16.6% in extended trading following the company’s announcement of its third-quarter earnings.

Online dating service, owner of Match, Hinge, and OkCupid, sees better-than-expected earnings for the third quarter but sees low revenue for the fourth quarter. So Match estimates revenue at about $545 million to $555 million, which is below consensus estimates of $559.3 million.

Match reported earnings of 51 cents per share for the third quarter, exceeding analysts’ expectations of 42 cents. The company generated $541 million in revenue, matching analysts’ expectations. The average revenue per user came in at 59 cents, missing analysts’ projected 60 cents.

Last month, Match Group, Inc. announced its intention to spin off its shares of Match Group, Inc. and ANGI Homeservices. According to its recent earnings release, Match is anticipating taking on an estimated $10 million in related expenses to the spinoff.