Why Match Group Shares Are Rising

Match Group Inc (NASDAQ: MTCH) shares are trading higher by 9.1% at $173.48. The stock spiked following a tweet from a Bloomberg report stating Google is lowering its cut from subscriptions on Google Play from 30% to 15%.

Mark Gurman tweeted: "Google is lowering its cut from all subscriptions on Google Play to 15% from 30% -- from day 1. The reduction previously only took effect on the first $1 million in revenue and for users who subscribed longer than a year. Change doesn't apply to in-app-purchases (games) however."

Match Group is a provider of online dating products. The firm became public in 2015 and was more than 80% owned by IAC/InterActiveCorp until IAC spun it off in second-quarter 2020. The company has a vast portfolio of different online dating service providers, including Tinder, Match.com, OkCupid, PlentyOfFish and Meetic. 

Match Group has a 52-week high of $182.00 and a 52-week low of $114.51.