Shares of Angi Inc (ANGI) are soaring 33.24% in pre-market trading on Wednesday, following the release of its first-quarter earnings report that significantly outperformed Wall Street expectations. The home services marketplace company, which had been facing challenges earlier in the year, surprised investors with a profitable quarter and better-than-anticipated revenue figures.

For the quarter ended March 31, Angi reported adjusted earnings of $0.30 per share, marking a remarkable turnaround from the breakeven results in the same quarter last year. This figure far exceeded the mean analyst expectation of a $0.08 loss per share. While the company's revenue decreased by 19.5% year-over-year to $245.91 million, it still surpassed the analyst consensus of $240.91 million. Additionally, Angi posted a net income of $15.11 million for the quarter.

The positive earnings report comes as a welcome relief for Angi investors, considering the stock had fallen 27.3% over the past quarter and lost 32.5% year-to-date before this announcement. Despite the recent stock performance, Wall Street maintains a cautious stance on Angi, with the current average analyst rating at "hold". As the market digests this surprising turn of events, all eyes will be on Angi to see if it can maintain this momentum in the coming quarters and potentially revise analyst expectations upward.