Match Group's Stock Takes a Hit After Announcing New CEO, Soft Sales Outlook

Core Insights - Match Group (MTCH) shares experienced a significant decline following the announcement of a new CEO and a disappointing sales outlook [1][5] Company Leadership - CEO Bernard Kim is stepping down, with Spencer Rascoff, former CEO of Zillow, set to take over on March 1 [2][5] Financial Performance - The company forecasts current-quarter sales between $820 million and$830 million, which is below analyst expectations [3] - Full-year sales projections are between $3.38 billion and$3.5 billion, also falling short of the anticipated $3.49 billion [3] - Despite better-than-expected fourth-quarter results, including earnings per share of 59 cents and revenue of$860.2 million, overall revenue declined by 1% year-over-year [4] - Sales at Tinder dropped by 3%, Evergreen & Emerging by 7%, and Match Group Asia by 9%, while Hinge saw a 27% increase in sales [4] Market Reaction - Following the announcements, Match Group shares fell nearly 8% to $33.68, marking a 3% decline over the past year [4]