Angie's List Gets Hammered As It Can't Keep Up With High Expectations
Investing.com
Published Aug 11, 2020 01:33PM ET
By Christiana Sciaudone
Investing.com -- The market is a harsh mistress.
Despite beating estimates and reporting three-straight months of sales growth, ANGI Homeservices (NASDAQ:ANGI) sank 11%.
The problem, it would seem, is that July revenue grew just 7% compared to 15% and 14% for May and June, respectively.
The company, which connects home services providers with anyone seeking a home service, reported earnings per share of 2 cents for the second quarter compared to an expected loss per share of 1 cent on sales of $375 million, higher than the forecasted $364 million.
The company is majority-owned by IAC/InterActiveCorp (NASDAQ:IAC), which recently bought a $1 billion stake in MGM Resorts (NYSE:MGM).
Shares of ANGI are up 64% this year.
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