Match Group (NASDAQ:MTCH) provides dating products to its worldwide client base. Some of its well-known dating services include Tinder, Hinge, OkCupid, and the Match website. Shares of Match Group have climbed 34% in 2020 as of early afternoon trading on August 31. The company has experienced a boon due to the COVID-19 pandemic.
Many areas of life have been transformed due to the pandemic. The dating world was already experiencing huge changes before the outbreak. More and more couples are meeting online rather than through work, friends, and other avenues. Predictably, Match Group has been a big beneficiary.
The company released its second quarter 2020 results on August 5. It posted a Q2 2020 profit of $103.1 million or $0.51 per share – up from $0.45 per share in the previous year. Match Group achieved this on the back of sales of $555.5 million. The company is now projecting $2.3 billion in revenue for the full year.
In response to the pandemic, Match Group has aimed to bolster its service. It has attempted to roll out video offerings on its online-dating properties as there is greater need for connection in this environment. Revenue for Tinder rose in July for the third straight month but experienced a dip in India and Brazil.
This "new normal" will continue to provide a boost to Match Group in the months ahead. Investors on the hunt for growth should consider jumping on this hot stock in September.
