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Shares of Angie's List Inc (NASDAQ: ANGI), a local services consumer review and marketplace platform, spiked more than 9 percent Tuesday morning after the company reported its third quarter results and offered a business update.
Angie's List's stock is known to be heavily sold following a poor earnings report, as was seen after its first quarter results. However, this was not the case on Tuesday.
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Angie's List said it lost $0.28 per share in the third quarter on revenue of $79.74 million. Wall Street analysts were expecting the company to lose $0.14 per share on revenue of $81.9 million.
The company highlighted its business improvements since it has made changes to the platform, including removing a review paywall. Since then, the platform has added two million new members since June to a total of 4.5 million members across the country.
In conjunction with the company's earnings report, Angie's List's CEO Scott Durchslag said management has decided to explore strategic alternatives to "achieve the full potential of our new platform." The executive said it has hired bankers and advisers at Allen & Company and Bank of America to explore these strategic opportunities.
"We believe this is the right step for the Company at this time and look forward to pursuing a path to maximizing value creation for our shareholders," Durchslag added.
Angie's List's announcement shouldn't come as a complete surprise to investors as the possibility of an M&A transaction was explored by Wall Street. Blake Harper of Topeka Capital Markets commented in a note in late 2015 that the company is a likely candidate to be acquired.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.