Angi Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance characterized by a decline in revenue but significant improvements in profitability metrics compared to the previous fiscal period.

For the three months ended September 30, 2024, Angi Inc. generated total revenue of $296.7 million, a decrease of 16% from $351.2 million in the same period of 2023. The decline was primarily driven by a 17% drop in revenue from the Ads and Leads segment, which fell to $241.2 million from $292.0 million. Consumer connection revenue also saw a notable decrease of 25%, down to $151.9 million. However, advertising revenue increased slightly by 5% to $78.8 million. International revenue rose by 9% to $31.8 million, indicating some growth in overseas markets.

Despite the revenue decline, Angi Inc. achieved a gross profit of $282.0 million for the quarter, down 16% from $337.6 million in 2023. Operating income turned positive at $7.8 million, a significant recovery from an operating loss of $7.9 million in the prior year. Net earnings from continuing operations reached $35.4 million, compared to a loss of $3.0 million in the same quarter of 2023. This resulted in earnings per share of $0.07, reversing a loss of $0.01 per share in the previous year.

For the nine months ended September 30, 2024, total revenue was $917.2 million, down 13% from $1.1 billion in 2023. Gross profit for this period also decreased by 14% to $875.8 million. However, net earnings from continuing operations improved to $38.1 million, compared to a loss of $32.5 million in the same period last year.

Strategically, Angi Inc. sold its subsidiary Total Home Roofing, LLC on November 1, 2023, which is now classified as a discontinued operation. Additionally, on August 28, 2024, the company acquired the remaining noncontrolling interests of a foreign subsidiary for $16.0 million, consolidating its ownership structure.

The company reported cash and cash equivalents of $395.2 million as of September 30, 2024, an increase from $364.0 million at the end of 2023. Total current liabilities decreased to $243.6 million from $258.7 million, while total assets remained relatively stable at approximately $1.86 billion.

Overall, while Angi Inc. faced challenges in revenue generation, it demonstrated improved profitability and strategic consolidation efforts during the reporting period.