Stock Story -
Home services online marketplace ANGI (NASDAQ: NASDAQ:ANGI) will be reporting earnings tomorrow afternoon. Here's what you need to know.
Angi beat analysts' revenue expectations by 2.5% last quarter, reporting revenues of $305.4 million, down 14.1% year on year. It was a mixed quarter for the company: Angi beat analysts' revenue expectations as its Ads and Leads segment outperformed. On the other hand, its number of service requests declined and missed Wall Street's estimates.
Is Angi a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Angi's revenue to decline 18.8% year on year to $304.4 million, improving from the 27.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.01 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Angi has missed Wall Street's revenue estimates six times over the last two years.
Looking at Angi's peers in the consumer internet segment, some have already reported their Q2 results, giving us a hint as to what we can expect. DoorDash (NASDAQ:DASH) delivered year-on-year revenue growth of 23.3%, beating analysts' expectations by 3.6%, and Fiverr (NYSE:FVRR) reported revenues up 5.9%, in line with consensus estimates. DoorDash traded up 8.4% following the results while Fiverr was also up 6.3%.
Read the full analysis of DoorDash's and Fiverr's results on StockStory.
Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed inflation signals have led to uncertainty around rate cuts, and while some of the consumer internet stocks have fared somewhat better, they have not been spared, with share prices down 4.9% on average over the last month. Angi is up 8% during the same time and is heading into earnings with an average analyst price target of $3.9 (compared to the current share price of $2.02).
