Angi's Turnaround Drags On

·4 min read

On the surface, Angi (NASDAQ: ANGI) delivered strong results in its second-quarter earnings report last Tuesday. The online home-services marketplace, which was formed by the 2017 merger of HomeAdvisor and Angie's List, reported that revenue grew 23% to $515.8 million, its fastest pace since 2018 -- and well ahead of estimates of $496.5 million. On the bottom line, the company reversed an adjusted loss in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the quarter a year ago to post an adjusted EBITDA profit of $9.7 million, its first EBITDA gain in three quarters.