FILE PHOTO: Spencer Rascoff, co-founder and government chairman of dot.LA, speaks through the Montgomery Summit in Santa Monica, California, U.S., on Wednesday, March 4, 2020.
Patrick T. Fallon | Bloomberg | Getty Photos
Match Group introduced on Tuesday that Zillow co-founder Spencer Rascoff will function its new CEO.
Rascoff, who has served as a member of the web courting firm’s board since March 2024, will change Bernard Kim within the function, Match mentioned.
“Throughout his time on the Board, Spencer has demonstrated a robust strategic perspective and deep understanding of Match Group’s manufacturers and alternatives,” mentioned Match Group Chairman Tom McInerney, in a press release. “We’re assured in his capability to drive the corporate’s subsequent part of innovation and progress.”
Together with the management change, Match introduced better-than-expected fourth-quarter outcomes however lackluster steering. Match posted earnings per share of 59 cents on $860 million in income. That topped the 54 cents per share in earnings and $859 million in income anticipated by analysts polled by LSEG.
Nonetheless, the mum or dad of Tinder and Hinge issued disappointing income steering for the primary quarter. The corporate forecast gross sales of $820 million to $830 million for the quarter, falling in need of the $853 million estimate from LSEG.
The shares sank 7% in prolonged buying and selling after the report.
Rascoff, 49, is greatest recognized for his function at Zillow. He co-founded the actual property expertise firm practically twenty years in the past and served in numerous roles, together with CEO, earlier than departing in 2019. The Harvard College graduate additionally based on-line journey web site Hotwire, which Expedia purchased for practically $700 million in 2003.
Match was totally spun out of Barry Diller’s IAC Group in 2020, however has had a troublesome run as an unbiased public firm. Its market cap was about $30 billion on the time of the transaction and has since shrunk beneath $10 billion, reflecting a dramatic slowdown in income progress.
Final month, IAC mentioned its board authorised the spinoff of Angi, the house enchancment market place the corporate acquired in 2017.
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