By Kailyn Rhone
Angi reported a decline in its third-quarter revenue due to a drop in ads and leads sales.
The home-services company, formerly known as Angie's List, on Monday reported a profit of $35.2 million, or 7 cents per share, compared with a loss of $5.4 million, or 1 cent per share, last year. Analysts polled by FactSet expected it to breakeven.
The Denver-based company, which is owned by media company IAC, posted an operating profit of $7.8 million, compared with an operating loss of $7.9 million a year earlier.
Revenue fell 16% to $296.7 million and missed analyst expectations of $297 million. The decline was driven by a 17% drop in its ads and leads sales and a 21% decrease in its services. The drop has resulted in lower service requests and lower acquisition of new professionals.
International revenue grew 9%, driven by higher revenue per professional. Monetized transactions per service request rose 26%.
IAC announced it is considering a spinoff of its ownership stake in Angi Inc. to its shareholders.
For the full year, Angi expects between $10 million to $35 million of operating income and between $140 million to $145 million of adjusted EBITDA.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 11, 2024 16:05 ET (21:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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