Angi Inc.’s financial results for the third quarter of 2024 demonstrated a company focused on improving profitability amid declining revenue. The company reported revenue of $296.7 million, a 16% decrease compared to the same period in 2023, primarily due to reduced sales and marketing expenditures as part of a broader cost optimization strategy. Despite this decline, Angi achieved an operating income of $7.8 million, a significant improvement from the $7.9 million operating loss in the third quarter of 2023. Net earnings also showed a remarkable turnaround, reaching $35.2 million compared to a net loss of $5.4 million in the previous year. Adjusted EBITDA grew by 27% year-over-year to $35.4 million, reflecting the company’s focus on financial discipline and efficiency.
During the earnings call, Angi’s leadership highlighted their commitment to cost management and profitability. They explained that the reduction in sales and marketing expenditures was a deliberate move to improve margins, which successfully contributed to the positive financial results. The company also repurchased 2.5 million shares during the quarter, signaling confidence in its financial stability and long-term prospects. Looking ahead, Angi expects full-year 2024 operating income to range between $10 million and $35 million, with Adjusted EBITDA projected between $140 million and $145 million.
In addition to discussing financial performance, Angi’s leadership addressed strategic considerations, including the potential spin-off of the company by its parent, IAC, which owns an 85% stake. This move, currently under exploration, aims to streamline IAC’s operations and allow Angi to operate with greater independence and focus on its core business. Despite the challenges posed by declining revenue, Angi remains optimistic about its long-term growth strategy, emphasizing its ability to capture market share in the home services industry while continuing to improve operational efficiency and deliver value to shareholders.
