Angi Inc is a leading digital marketplace that connects homeowners with service professionals for various home improvement and repair projects
The company provides a platform where users can find and hire local contractors for services such as plumbing, landscaping, and remodeling. By offering customer reviews, ratings, and detailed service offerings, Angi aims to simplify the process of home project management while enhancing the overall customer experience. Through its innovative technology and extensive network of professionals, Angi Inc strives to empower homeowners to make informed decisions and to foster relationships between consumers and service providers.
Shares of home services online marketplace ANGI (NASDAQANGI)
jumped 9% in the afternoon session after IAC's board approved a plan to fully spin off its stake in Angi. As part of the move, Joey Levin will step down as IAC CEO to become Executive Chairman of Angi. The spin-off is expected to give IAC shareholders direct ownership of Angi, fully separating the two companies. It will also eliminate Angi's dual-class structure, streamlining its governance. This simplified structure is expected to support Angi's growth by providing more flexibility to make acquisitions, raise capital, and attract talent.
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Over the last six months, Angi’s shares have sunk to $1.84, producing a disappointing 18.6% loss - a stark contrast to the S&P 500’s 13.5% gain. This might have investors contemplating their next move.
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Shares of home services online marketplace ANGI (NASDAQANGI)
fell 27.9% in the afternoon session after the company reported underwhelming third-quarter financial results, with sales roughly in line with Wall Street's estimates. Markets typically reward strong top-line beats, which means investors were likely unimpressed by the sales decline and in-line performance recorded during the quarter. Notably, key top-line growth indicators like service requests continued to decline year on year. However, the company performed impressively on the bottom line, with EBITDA exceeding estimates and making for a decent EPS beat. Overall, this was a mixed, but weaker quarter.
Home services online marketplace ANGI (NASDAQANGI) met Wall Street’s revenue expectations in Q3 CY2024, but sales fell 15.5% year on year to $296.7 million. Its GAAP profit of $0.07 per share was 5,363% above analysts’ consensus estimates.
IAC considering spin-off of Angi Inc., a pioneer in home services. Angi's Q3 earnings beat estimates, with 20% decrease in sales compared to last year.
Angi announced a series of management changes this week including the departure of senior vice president, chief accounting officer and controller of Angi Christopher Bohnert. Bohnert will resign from his role, effective Nov. 1. He will remain with the company for some time to assist with the transition period.
