Angie's List (ANGI) Tops Q2 EPS by 12c, Sales Miss

Angie's List (NASDAQ: ANGI) reported Q2 EPS of $0.08, $0.12 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $83.1 million versus the consensus estimate of $86.21 million.

“We have made tremendous progress in transforming our business model and technology platform,” said Scott Durchslag, President and Chief Executive Officer of Angie's List. “As a result, we are seeing an extraordinary re-acceleration in new member registrations and user engagement on our site.”

“We began our nationwide freemium rollout in early June after completing our migration to a state-of-the-art AL 4.0 technology platform two months ahead of schedule,” continued Durchslag. “The launch results have been excellent and have exceeded the already strong results we had previously reported in the pilot freemium markets that we began testing in January.”

“We are very encouraged by the loyalty of our paid subscriber base,” said Durchslag. “In addition, we have a substantial opportunity to convert our new free members into premium subscribers over time. We are committed to maintaining high quality members for our service providers, and surveys in our pilot markets suggest that our new members are similar in quality and hiring intent to our existing subscriber base.”

“Since dropping the reviews paywall, we have added approximately 700,000 new members as of yesterday, fueling year on year growth in new member engagement and service provider profile views. That said, while we are confident that these increases will create incremental revenue, we have more work to do to drive revenue growth from these changes and are just beginning to realize the potential of our new business model.”

For earnings history and earnings-related data on Angie's List (ANGI) click here.

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