Match Group, Inc [NASDAQ: MTCH] is one of the bigger gainers in pre-market trading today. At the time of writing, the stock is starting to catch fire and trade to the upside in pre-market already. It’s been boosted by strong Q2 numbers, which have beat analyst expectations by a huge margin. The company’s revenues rose by roughly 18% to hit $498 million. Analysts were expecting the company to announce revenues of around $489 million. Match Group’s projections for Q3 are also higher than analyst expectations. The company expects revenues in the $535 million to $545 million range. This is much higher than analysts’ projection of about $521 million for Q3.
The company’s strong revenues are driven by growth in its dating app Tinder. Tinder has become a pop culture phenomenon, and its numbers are impressive. It’s user numbers in Q2 averaged 5.2 million. This represents a growth of 1.5 million users as compared to 2018 numbers. Tinder’s growth is boosted by the launch of Tinder Lite in Q2. This saw its user numbers grow in South America and Southeast Asia. The company also made some upgrades to its premium Tinder Gold and Plus. These upgrades allow the user to see if the person they are interested in has read their messages, and also give profiles more visibility. These are likely to increase the level of user interest in Tinder going into the future.
In the day, MTCH could get a boosted from the improved sentiment in the markets. Following the massive devaluation of the Chinese currency, Asian central banks have moved to cut interest rates. This is in a bid to safeguard their economies. The impact has been felt in the markets and most of them are in the green today. If U.S markets open in positive territory, bullish stocks such as MTCH could get a nice boost in the day.