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






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%.
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