Match Group Announces Plan To Repurchase 6m Shares

Match Group

The Match Group board has authorised a plan to repurchase its common stock.

The repurchase program allows Match Group to buy back 6m shares of its stock through open market purchases.

The move, enabled under Rule 10b5-1 of the Securities and Exchange Act of 1934, is generally a sign that a company’s board of directors believes its shares are undervalued.

It was a decision recently taken by fellow dating company Snap Interactive, who last month announced plans to repurchase up to $1m of its common stock over the next year.

This follows Match Group’s Q1 results, which it released in May, the company posting total revenues of $299m, a 15% increase from the year before, and a $5m increase from the previous quarter.

Overall, the dating conglomerate saw a 16% increase in paid members, its total reaching 5.9m, and Tinder’s hitting 1.9m.

Read more about the results here.