The S&P 500 Selection Committee is swiping right on the owner of Tinder, OkCupid, PlentyOfFish, Match.com, and Hinge. Match Group will be joining the S&P 500 on Sept. 20. The company will replace Perrigo Company.
Match Group owns over 40 dating apps, including the highly-popular Tinder app. 56.4% of the company’s revenue came from the Tinder app in the latest quarter. All of Match’s businesses got a boost thanks to the COVID-19 pandemic. However, they’re seeing even more engagement now than they did at the peak of lockdown. 👀
To get a boost in the dating game, users generally have to shell out money for subscriptions. Nearly all of the company’s $708 million in revenue in Q2 2021 came from subscriptions (the company has 14.96 million paying customers across all their platforms.) That revenue figure was up 27% YoY.
A handful of recent S&P 500 additions have become spicy momentum trades: Moderna, Caesars, NXP, and Tesla all appreciated significant gains leading up to their S&P listing. Will Match enjoy the same treatment? 🤔
The news of the addition sent shares of $MTCH 13.1% higher this week. Match also named Renate Nyborg the CEO of their biggest brand, Tinder, this week. She’s the first female CEO of Tinder, which has … an interesting past.
You can read more about the company’s latest earnings here.