U.S. Markets closed

Meet Group Trades Higher After Raising Q3 Guidance

Tanzeel Akhtar

The Meet Group (NASDAQ: MEET) has raised preliminary third-quarter guidance sales from $50.5 million-$51 million to $52 million-$52.3 million versus the $50.72 million estimate.

The company has adjusted EBITDA from $9.3 million-$9.5 million to $10.4 million-$10.6 million.

"We are encouraged by our results for the third-quarter," said Geoff Cook, CEO of Meet Group. "New features including streamer levels, VIP badges, first time buyer bonuses and one-on-one video chat are contributing to meaningful business results. Further, we believe that the moderation-related headwinds related to our recent safety enhancements are largely behind us.”

The Meet Group is rolling out its livestreaming dating game to its MeetMe app in the coming weeks.

“Given the ongoing stabilization in our advertising business, we anticipate a seasonally strong fourth quarter in advertising. Reflecting our optimism, we are committed to continuing to deliver value to shareholders through stock buybacks. From July 15, 2019 through September 30, 2019, we repurchased approximately $12.2 million in stock, or approximately 3.4 million shares," adds Cook.

Meet Group shares were trading up 13.6% at $3.59 at time of publication. The stock has a 52-week high of $6.27 and a 52-week low of $3.05.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.