Angi Inc (ANGI) shares surged 14.22% in pre-market trading on Wednesday following the release of its first-quarter earnings report that significantly beat Wall Street expectations. The home services marketplace company, which had been struggling earlier this year, surprised investors with a profitable quarter and better-than-expected revenue.
For the quarter ended March 31, Angi reported adjusted earnings of $0.30 per share, a remarkable turnaround from breakeven results in the same quarter last year. This figure far exceeded the mean analyst expectation of a $0.08 loss per share. The company's revenue, while down 19.5% year-over-year to $245.91 million, still surpassed the analyst consensus of $240.91 million. Angi also posted a net income of $15.11 million for the quarter.
The positive earnings report comes as a welcome relief for Angi investors, as 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". The median 12-month price target stands at $24.00, suggesting potential upside from current levels. 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.
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