Dallas-based Match Group joins key stock club with member in S&P 500 as shares climb – Dallas Business Journal – Dallas Business Journal

on

|

views

and

comments

Match Group is joining one of the most-watched stock indices.
The Dallas online dating apps company will join the S&P 500 later this month – and will replace Perrigo Co., a provider of self-care products, according to a statement. The shift is effective Sep. 20.
Investors liked the move, as it should help expose the company’s shares to more stockholders. Shares climbed more than 5% to over $156 in trading around 1 p.m. Dallas time on Tuesday. They’ve been on the upswing the past year, rising more than 45%.
The new step comes after the company came out from under its parent, IAC, last year. The company has a market valuation of more than $40 billion and posted more than $2 billion in revenue in 2020.
The Dallas region’s members of the S&P 500 make up a relatively small group of roughly 20 with the addition of Match, according to data provided by Bloomberg.
Dallas-Fort Worth gained members with the corporate relocations of CBRE and Schwab from California. One of the most recent local players to join without a headquarters move is Tyler Technologies, the Plano provider of software for governments. That announcement came last year.
Match, known for its namesake app, Tinder and others, has been picking up momentum as more users look online for a date, a trend that’s extended into the pandemic.
Overall, revenue grew 27% year-over-year during the second quarter. Tinder’s direct revenue expanded by 26% while “all other brands” climbed 28%. Operating income was $210 million, up 7%.
© 2021 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/21) and Privacy Policy and Cookie Statement (updated 7/20/21). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.

source

Share this
Tags

Must-read

🌱 Annual Dallas Holiday Parade + Upcoming Redistricting Meetings – Patch.com

Hey, Dallas! It's Saturday, so let's get you started with everything you need to know going on today in town.First, today's weather:Partly sunny, a...

Paragon Energy Solutions acquired by private equity firm – Dallas Business Journal – Dallas Business Journal

Private equity firm Windjammer Capital Investors has acquired Fort Worth-based Paragon Energy Solutions, LLC in a partnership with the Paragon management team.  The terms of the deal were not disclosed....

‘It's Crazy': Christmas Trees, Decorations Flying off Shelves – NBC 5 Dallas-Fort Worth

The rush to deck the halls is officially on and if you haven't been to the store yet to stock up on supplies, you...
spot_img

Recent articles

More like this

LEAVE A REPLY

Please enter your comment!
Please enter your name here