Earnings ·
Angi reports Q3 revenue of $242M, cuts 300 jobs to save up to $60M annually
ANGIAngi Inc.
Angi Inc. reported third-quarter revenue of $242 million, a 9% decline from the prior year period, driven by lower lead volume despite higher monetization per lead. Net earnings fell 87% to $1.3 million, or $0.03 per diluted share, as operating income dropped to $15.5 million. Adjusted EBITDA rose 6% to $42.2 million due to reduced fixed and variable expenses following a first-quarter reorganization. The company simultaneously announced a reduction of its global workforce by approximately 300 roles, primarily in middle management and support functions. These actions are expected to generate annual run-rate savings between $50 million and $60 million, with restructuring charges estimated at $18 million to $30 million. Angi Inc. operates digital marketplaces connecting consumers with home service professionals.