Match Group's stock fell about 20% following the announcement.
Match's stock was down 5% on Wednesday after it released its earnings report on Tuesday afternoon.
Data firm Cambridge Analytica, which had ties to President Donald Trump's campaign, accessed information from as many as 87 million Facebook users without their knowledge -- and Facebook is still very much working to prove its can be trustworthy with user data.
Over the years, Facebook has introduced some indirect features people have used in dating, from its Poke Button to Facebook Graph search, which allowed users to search for things such as single men who live in San Francisco.
"I really don't think people are going to be comfortable mixing their dating lives with Facebook," said CEO Mandy Ginsberg.
Last week, Facebook CEO Mark Zuckerberg announced plans to roll out a dating feature.
"None of these [features] had any discernible impact on our business," Ginsberg said.
Match Group, owned by IAC, has dominated the dating app industry by often buying startups that compete with its own services.
Its growth was driven by Tinder, whose revenue was up 150% compared to last year.
Users will be able to set up a dating profile that won't be visible to friends and will not appear in News Feeds.
The news came just six weeks after the Cambridge Analytica scandal.
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