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Match Group stock plummets after Facebook shows love for dating

Investors are ghosting Match Group after Facebook announced a scheme to invade its space. At its F8 conference today, the social networking giant said it plans to launch a dating feature that will help people find love on Facebook. Shares in Match Group—which owns OKCupid and Tinder, in addition to Match.com—fell more than 23% in midday trading. … Continue reading “Match Group stock plummets after Facebook shows love for dating”

Match Group stock plummets after Facebook shows love for dating
[Photo: fototv/Pixabay]
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Investors are ghosting Match Group after Facebook announced a scheme to invade its space.

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At its F8 conference today, the social networking giant said it plans to launch a dating feature that will help people find love on Facebook. Shares in Match Group—which owns OKCupid and Tinder, in addition to Match.com—fell more than 23% in midday trading.

Tinder has been a boon for Match this year, delivering revenue growth of almost 30% for its most recent earnings. However, the smaller Bumble has been eating into Tinder’s market share, and the two dating-app companies are now embroiled in a legal fight over Tinder’s profile-swipe feature.

Facebook said its forthcoming dating feature will focus not on profile pictures, but on events and interests. Whether people will use the feature in light of Facebook’s privacy scandal remains to be seen, but some investors today are clearly sending the message that Match has met its match.

About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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