By Elias Schisgall

Angi swung to a loss in the first quarter and plans to stop issuing quarterly guidance so it can focus on near-term revenue goals, as the home-services company doubles down on its artificial-intelligence investments.

Chief Executive Jeff Kip also said the company plans to feature-freeze its legacy platform. Instead, Angi will shift much of its resources toward building AI features, including an AI-driven revenue system for home services professionals called the Angi Pro Chief Revenue Officer.

"We are making this change because AI, agents & agentic coding have created both the opportunity and imperative to move aggressively," Kip wrote in a letter to shareholders. "Any work chasing quarterly revenue targets with a legacy technology stack is a fool's errand. Our teams will begin focusing entirely on the AI future."

He said the company is undervalued relative to AI startups in its space, despite having less job gross merchandise value. Angi can hit $5 billion in revenue "over a reasonable time" with its new strategy, Kip added.

Angi on Tuesday reported a loss of $9 million, or 22 cents a share, compared with a profit of $15.1 million, or 30 cents a share, a year earlier.

Revenue declined to $238.2 million from $245.9 million. Analysts polled by FactSet were expecting revenue of $240.6 million.

The decline in revenue was driven by a 56% drop in network revenue, related to Angi's implementation of homeowner choice last year, a practice of letting homeowners on the platform select which professionals they match with.

That was partially offset by a 7% increase in proprietary revenue and 7% growth in international revenue.

Angi reported 23,000 acquired professionals during the quarter, down 2%. Average monthly active professionals fell 22% to 105,000.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

May 05, 2026 16:44 ET (20:44 GMT)

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