Match Group (MTCH) has reported 59.99 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $56.41 million, or $0.21 a share in the quarter, compared with $35.26 million, or $0.20 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $62.01 million, or $0.23 a share compared with $46.92 million or $0.27 a share, a year ago. Revenue during the quarter grew 17.65 percent to $316.45 million from $268.97 million in the previous year period. Gross margin for the quarter contracted 162 basis points over the previous year period to 80.67 percent. Total expenses were 71 percent of quarterly revenues, down from 78.30 percent for the same period last year. This has led to an improvement of 730 basis points in operating margin to 29 percent.
Operating income for the quarter was $91.75 million, compared with $58.36 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $110.71 million compared with $82.66 million in the prior year period. At the same time, adjusted EBITDA margin improved 425 basis points in the quarter to 34.98 percent from 30.73 percent in the last year period.
"Q3 was another strong quarter for Match Group," said Greg Blatt, chairman and chief executive officer. "We grew revenue 22% and expanded margins in our Dating businesses, delivering results ahead of expectations, driven by great growth at Tinder, as well as PlentyOfFish and Meetic. Our Non-dating business turned a meaningful profit this quarter as expected, and overall, we are meeting or exceeding the marks we have set for ourselves. The outlook for our Dating businesses remains very positive."
Operating cash flow improves significantlyMatch Group has generated cash of $168.90 million from operating activities during the nine month period, up 33.79 percent or $42.66 million, when compared with the last year period. The company has spent $25.09 million cash to meet investing activities during the nine month period as against cash outgo of $69.03 million in the last year period.
The company has spent $1.96 million cash to carry out financing activities during the nine month period as against cash inflow of $101.16 million in the last year period.
Cash and cash equivalents stood at $231.15 million as on Sep. 30, 2016, down 18.19 percent or $51.39 million from $282.54 million on Sep. 30, 2015.
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