ANGI - Angi Says It's Turning the Corner
Coming into Angi 's (NASDAQ: ANGI) first-quarter earnings report, investors were hungry for some good news. The stock had tumbled 70% over the last year as the company experienced a setback in traffic from its rebranding to Angi last March (from HomeAdvisor and Angie's List). And a supply imbalance hurt demand from pros using Angi to book jobs.
In fact, Angi's first quarter didn't blow away expectations by any means, but it was enough to give the stock a jolt as shares jumped 22% on Tuesday. Revenue in the quarter rose 13% to $436.2 million, largely due to the growth of the pre-priced Angi Services segment where sales jumped 107% to $113 million, in part from its acquisition of Total Home Roofing last July.
On the bottom line, the company posted an adjusted loss in earnings before interest, taxes, depreciation and amortization ( EBITDA) of $3.2 million, compared to a $23.2 million a year ago. On the basis of generally accepted accounting principles (GAAP) , the company lost $33.4 million, or $0.07 per share, compared to $1.9 million in net income in the quarter a year ago. Macroeconomic headwinds and investments in the services business weighed on profitability in the quarter.
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Angi Says It's Turning the Corner