Angi Inc. ( (ANGI) ) has released its Q3 earnings. Here is a breakdown of the information Angi Inc. presented to its investors.
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Angi Inc. is a prominent company in the home services industry, offering a platform that connects homeowners with skilled professionals for various home improvement projects. The company operates both domestically and internationally, providing services ranging from ads and leads to pre-priced offers.
In its third-quarter 2024 earnings report, Angi Inc. showcased significant improvements in its financial performance, with operating income rising to $8 million, a notable increase from the previous year’s loss. Additionally, Adjusted EBITDA experienced a 27% growth, reaching $35 million, driven primarily by efficiencies in its Ads and Leads segment.
Key financial metrics indicate a 16% year-over-year decline in revenue, largely influenced by decreased spending on sales and marketing. Despite this, the company achieved a 9% increase in international revenue and a substantial boost in monetized transactions per service request. Additionally, Angi Inc. repurchased 2.5 million shares during the quarter, reflecting confidence in its financial stability.
Looking ahead, Angi Inc. is considering a strategic spin-off by its parent company, IAC, which could impact its future operations and shareholder structure. The company expects its operating income for the full year to range between $10-$35 million, with Adjusted EBITDA anticipated at $140-$145 million.
Overall, Angi Inc.’s third-quarter results reflect a positive trajectory, with strategic initiatives and financial efficiencies pointing towards continued growth and operational improvements.
