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Match.com, Bumble Stocks Jump as Google Cuts Service Fees in its App Store

Stock MarketsOct 22, 2021 02:44
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© Reuters

By Sam Boughedda

Investing.com — Match Group Inc (NASDAQ:MTCH) and Bumble Inc (NASDAQ:BMBL)shares surged Thursday after Alphabet (NASDAQ:GOOGL)announced that it is reducing service fees it charges third-party apps in its Google Play store.

Match Group stock rallied 9.8% to $174.76, while Bumble shares jumped 9.4%, to $57.27. 

Google is cutting fees to 15% from 30%. Google said that it made the decision after working with its partners in dating, fitness, education, and other sectors to understand the nuances of their businesses.

"To help support the specific needs of developers offering subscriptions, starting on January 1, 2022, we're decreasing the service fee," said Sameer Samat, vice president of product management for Android and Google Play.

Whitney Wolfe Herd, founder and CEO of Bumble, said: "Our partnership with Google has been a powerful one for our business, helping us to scale and ultimately playing a key role in advancing our mission to empower women globally. The pricing change they’ve announced will allow us to better invest in our products and further empower users to confidently connect online.”

 

Match.com, Bumble Stocks Jump as Google Cuts Service Fees in its App Store
 

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