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Angie's List shares jump after quarterly report

 IBJ Staff
April 23, 2014
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Indianapolis-based Angie's List's stock rose nearly 10 percent in after-hours trading Wednesday after the online consumer-reviews service posted a smaller quarterly loss on higher revenue.

Revenue for the quarter hit $72.7 million in the first quarter ended March 31, an increase of 39 percent from $52.2 million in the prior-year period. Revenue exceeded analyst expectations by about $400,000.

The company met analyst expectations by losing $3.8 million, or 6 cents per share, in the quarter, down from a loss of $7.9 million, or 14 cents per share, a year earlier.

"The first quarter represented solid performance for the company," Angie's List CEO Bill Oesterle said in a prepared statement. "We grew fast, produced cash and improved margins, all while investing in new products and upgrading our technology. I am pleased with the progress we have made against our operating plan for the full year."

The company said total paid memberships rose 35 percent over the year-ago quarter, to about 2.6 million. Revenue from paid memberships rose 25 percent, to $18.3 million.

Revenue from the company's service-provider business, which includes sales from advertising contracts and e-commerce fees, rose 45 percent. The business gets nearly three-quarters of its total revenue from the business.

The company predicted revenue in the range of $79.5 million to $80.5 million for the second quarter, beating analyst expectations of $79.1 million.

Angie's List shares closed at $12.82, down 8 cents on the day, before jumping 9.1 percent after-hours, to $13.99 each.


 

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