IAC - ANGI Homeservices Says Demand Is Surging
When we last heard from ANGI Homeservices (NASDAQ: ANGI) in early May, CEO Brandon Ridenour said the company was starting to see a "V-shaped recovery."
The latest data, in a July 15 shareholder letter from majority owner IAC (NASDAQ: IAC), shows the comeback has exceeded even those expectations as homeowners returned to the platform in full force with lockdowns lifting in May and June. Service requests on its marketplace, which includes the sites HomeAdvisor and Handy, went from declining by 12% and 8% in March and April, respectively, to jumping 27% and 34%, respectively, in May and June.
Ridneour had argued that despite the sudden drop in the company's business during the lockdown, ANGI would see a boost from the pandemic as social distancing and limits on outings like dining out, entertainment, and travel would drive more spending on home improvement as people spent more time at home.