Shares of Angi Inc. (NASDAQ: ANGI) tumbled 12.59% in after-hours trading on Tuesday following the release of the company's third-quarter financial results, which fell short of analyst expectations on key metrics.
The Denver-based home services marketplace reported revenue of $265.6 million for the quarter, missing the consensus estimate of $268.9 million. This represents a 10.49% decrease compared to the same period last year when the company posted sales of $296.719 million. Earnings per share (EPS) came in at $0.23, significantly below the analyst forecast of $0.36 and down 67.14% from $0.70 in Q3 2024.
Despite the disappointing top and bottom-line results, Angi did manage to beat expectations on adjusted EBITDA, reporting $39.7 million versus the estimated $36.2 million. However, this positive note was not enough to offset investor concerns about the company's overall performance and growth trajectory. The substantial year-over-year declines in both revenue and earnings suggest that Angi is facing challenges in maintaining its market position and profitability in the competitive home services sector.
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