Angi Up After August Revenue Growth
By Michael Dabaie
Angi Inc. shares rose 8% to $11.55 in afternoon trading after the digital home services marketplace posted 21% revenue growth in August.
Angi’s majority shareholder, IAC, reported Angi’s monthly earnings after the bell on Monday, which were up 16% in July.
August Sales in North America increased by 22%, while sales in Europe increased by 2%.
“While it is much better than we expected, we are hesitant to read too much in one month, especially because we don’t know the inorganic contribution of Total Home Roofing,” JP Morgan said in an analyst note.
Angi acquired Total Home Roofing in July.
“Our best guess is that organic growth has improved alongside a greater contribution from THR,” said JP Morgan.
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