Key Takeaways

Match Group ( MTCH ) shares tumbled Wednesday, a day after the online dating service provider named a new CEO and offered a soft outlook as sales for most of its units declined.

The owner of Tinder, Hinge, OK Cupid, and Pairs said CEO Bernard Kim is stepping down and will be replaced by Spencer Rascoff on March 1. Rascoff was the co-founder and former CEO of real estate website Zillow, and co-founded online travel marketplace Hotwire and property technology firm Pacaso. He joined Match Group's board last year.

The company said it anticipates current-quarter sales of $820 million to $830 million, below the average estimate of analysts surveyed by Visible Alpha. It projects full-year sales of $3.38 billion to $3.5 billion. Analysts had been looking for $3.49 billion.

The news offset better-than-anticipated results for fourth quarter, with earnings per share of 59 cents and revenue of $860.2 million, though both declined from the year-ago period. Revenue fell 1% year-over-year as sales dropped 3% at Tinder, fell 7% at Evergreen & Emerging, and sank 9% at Match Group Asia. Sales soared 27% at Hinge.

Shares of Match Group were down nearly 8% at $33.68 Wednesday, and have lost about 3% over the past year.

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