Tinder owner Match Group plunges 10% after forecasting sales that were below Wall Street targets

Business Insider | 11/6/2019 | Yusuf Khan
morica (Posted by) Level 3
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Tinder's owner Match Group plunged in premarket trading, after its sales forecast missed Wall Street expectations.

The dating firm's stock fell 10% in premarket trading at 12:46 p.m. in London (7:45 a.m. ET).

Match - Group - Lawsuits - Costs

Match Group is facing lawsuits and paying more in legal costs.

In an interview with Bloomberg, the CFO said that Brexit and currency movements were hampering sales. The company is also paying more in legal costs.

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Tinder, Hinge and Plenty of Fish's owner, Match Group, is set to plunge at the open of trading after posting a fourth-quarter sales and EBITDA forecast that was lower than Wall Street targets.

Shares - Giant - % - Premarket - Am

Shares of the dating giant tumbled 10% in premarket at 10 a.m. in London (5 a .m. in New York). Revenue for the fourth quarter will be between $545 million to $555 million, the firm said in its Q3 earnings presentation. This is lower than Wall Street's expectation of $560 million, according to Bloomberg.

EBITDA, or earnings before interest, tax, depreciation and amortization, will be between $205 million and $210 million, which also fell short of analysts' expectations that were calculated by Bloomberg.

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