Angi Inc. reported a decline in financial performance for the first quarter of 2026, with total revenue of $238.2 million, down 3% from $245.9 million in the same period last year. The company's net loss attributable to shareholders was $9.0 million, or $(0.22) per share, compared to a profit of $15.1 million, or $0.30 per share, in the prior year. The decrease in revenue was primarily driven by a 5% drop in U.S. revenue, which accounted for 85% of total revenue, largely due to a significant decline in Network Revenue, offset by a 7% increase in International revenue.

In terms of operational metrics, Angi reported approximately 105,000 average monthly active professionals (Pros) in the U.S. during the quarter, a decrease from 134,000 in the previous year. The company facilitated around 16 million project connections over the past twelve months. The restructuring efforts, which included a workforce reduction of approximately 350 employees, resulted in a $14.9 million restructuring charge during the quarter. This move is part of Angi's strategy to optimize its organizational structure and improve long-term growth prospects.

The company's selling and marketing expenses rose to $139.9 million, an 18% increase from $118.5 million in the previous year, reflecting higher advertising investments aimed at driving service request volume. General and administrative expenses remained relatively stable at $57.9 million, while product development expenses saw a significant decrease of 61% to $10.4 million, attributed to the workforce reduction. The gross profit margin improved slightly to 96%, despite a 2% decline in gross profit to $228.5 million.

Looking ahead, Angi's management expressed cautious optimism, noting that the restructuring efforts are expected to yield long-term benefits. The company continues to focus on enhancing its proprietary channels and improving customer engagement. However, the ongoing economic conditions and shifts in consumer behavior may pose challenges to revenue growth. The company maintains a strong liquidity position with $244.6 million in cash and cash equivalents as of March 31, 2026, and has access to a $175 million revolving credit facility, which it has not drawn upon.

About Angi Inc.

Angi Inc. operates a digital marketplace connecting consumers with pre-screened home service professionals across 500+ categories, including repair, remodeling, cleaning, and landscaping. Its business segments include Ads and Leads, Services, and International operations under brands like Angi, HomeAdvisor, and Handy. The company generates revenue by selling consumer leads, advertising, memberships, and facilitating service transactions, leveraging proprietary algorithms to match consumers with trusted professionals nationwide and internationally.

This description was generated via AI from an annual report. Updated 8 months ago.

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