Tech Companies and Internet and Angie's List and Manufacturing & Technology and Technology

Angie’s List posts larger loss, but higher revenue

April 26, 2012

Indianapolis-based Angie’s List Inc. reported its second quarterly results as a public company late Thursday afternoon, disclosing that it lost nearly $13.5 million in the first three months of 2012 on revenue of $31.1 million.

The per-share loss in the first quarter was 24 cents. In the same quarter a year earlier, the company lost $9.6 million, or 34 cents per share.

Analysts surveyed by Thomson Reuters had expected the provider of online consumer reviews to lose 25 cents per share.

Quarterly revenue increased 76 percent from a year earlier and paid members rose 81 percent, to 1.2 million.

The company reported marketing expenses in the latest quarter of $17.6 million, up from $11.1 million a year earlier.

Angie’s List is available in 175 U.S. markets. It entered 135 of those within the past three years, drving up expenses.

"As we continue to execute on our strategy, we plan to invest aggressively in our product, engineering and sales infrastructure to capitalize on our market opportunity," CEO Bill Oesterle said in a prepared statement.

The company, which provides reviews of plumbers, electricians and other service providers, hasn’t turned an annual profit since its founding 17 years ago.

Angie’s List staged its initial public offering in mid-November, raising $114 million. The company sold 8.8 million shares for $13 apiece. They stock traded as high as $18.75 on the opening day.

Shares closed Thursday at $13.88 each, down 8 cents on the day.
 

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