Shares in Match Group (MTCH), owner of mobile app Tinder, plunged Tuesday after Facebook (FB) announced a new dating layer to its main mobile app.
XMatch cratered 22.1% to to close at 36.71 on the stock market today after the social media giant disclosed its move into online dating. Facebook Chief Executive Mark Zuckerberg made the announcement at the company's F8 developers conference in San Jose, Calif.
Zuckerberg said the dating function will be completely optional and opt-in only. The dating app will "be for building real, long-term relationships — not just for hookups," Zuckerberg said, according to a Bloomberg report.
Spun Off In 2015
Media mogul Barry Diller's IAC/InterActiveCorp. (IAC) spun off Match Group in 2015 and retains an 80% stake.
Match reports earnings next week. The company's growth has been powered by paid subscriber growth at Tinder.
IAC shares stumbled by 17.8% to 133.33. Facebook climbed 1.1% to 173.86.
Match has upped investments in older online dating websites, expanded Tinder globally, and started new projects to increase advertising revenue. It's no longer in talks to buy rival Bumble.
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The post Facebook Dating App Announcement Hits Shares Of Match Group, IAC appeared first on Investor's Business Daily.
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