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ANGI Nasdaq· Angi Inc.
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ANGI Nasdaq· Angi Inc.
Earnings report Q3 2023

ANGI Reports Decrease in Revenue for Latest Quarter

Segments of revenue

ANGI reported revenue of $371.8 million for the latest quarter, representing a decrease of $126.2 million or 25% compared to the same quarter last year. For the nine months ended September 30, 2023, revenue was $1.14 billion, a decrease of $310.7 million or 21% compared to the same period in 2022.

Strengths

Despite the decrease in revenue, ANGI's gross profit remained relatively stable, with a decrease of $45.9 million or 12% for the latest quarter. This suggests that the company was able to manage its costs effectively. Management attributed the decrease in gross profit to the decline in revenue. Additionally, ANGI's selling and marketing expense decreased by $30.4 million or 13% for the latest quarter, driven by a decrease in advertising expense. The company was able to achieve increased efficiency in online advertising spend, resulting in cost savings.

Challenges

ANGI's revenue decline is a significant challenge for the company. The decrease in revenue can be attributed to various factors, including a decrease in advertising spend and efforts to build brand awareness. The company's operating loss for the latest quarter was $10.1 million, compared to a loss of $11.1 million in the same quarter last year. This indicates that ANGI is still facing challenges in generating profitability.

Noteworthy

ANGI's decrease in revenue can be attributed to a $126.2 million or 25% decline compared to the same quarter last year. The decrease in advertising expense, particularly in online advertising spend, contributed to the decline in revenue. However, the company did see an increase in television spend to build awareness of the Angi brand.

Summary

ANGI reported a decrease in revenue for the latest quarter, with a decline of $126.2 million or 25% compared to the same quarter last year. Despite the revenue decline, the company was able to manage its costs effectively, as evidenced by the relatively stable gross profit and decrease in selling and marketing expense. However, ANGI still faces challenges in generating profitability and will need to address the decline in revenue to improve its financial performance.

Source documents

Form 10-Q  filed on Nov 07, 2023
49 pages scanned

Reference data

Company financials Q3 revenue 300M
Analyst estimates Q3 EPS beat by 254.61%
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