ANGI - Angi's Turnaround Still Has a Ways To Go
On Wednesday, shares of Angi (NASDAQ: ANGI) tumbled more than 20% after the home-improvement services company posted a wide loss and flat growth in its legacy business in its fourth-quarter earnings report.
While there were some bright spots in the quarter, the results left investors frustrated once again as the company's turnaround strategy seems to be taking longer than expected. Meanwhile, the company is facing several headwinds.
Overall revenue in the quarter was up 16%, making Q4 2021 its fifth straight quarter of double-digit revenue growth. It was paced by 116% growth from Angi Services, its pre-priced product offering that books jobs for homeowners and service providers. Growth in Angi Services was helped by its acquisition last July of Total Home Roofing (now Angi Roofing), though it's unclear how much of a contribution it made.
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Angi's Turnaround Still Has a Ways To Go